Flood Insurance Basics for the Spring Thaw

Flood Insurance Basics for the Spring ThawAfter weeks of winter storms with heavy snow, it’s finally starting to look and feel like spring time in New England. Although everyone is anxious for the warmer weather to begin, spring can bring about heavy rains and rapid snow melt that can increase chances of flooding.

Am I at Risk for Flooding?

As the most common natural disaster in the country, floods can happen anywhere, at any time. However, most homeowners insurance policies specifically exclude coverage for flood damage to your dwelling or personal property.

A flood insurance policy must be purchased separately and covers losses caused by flooding. A flood is defined as overflow of inland or tidal waves, unusual and rapid accumulation or runoff of surface waters from any source, or mudflow. There are two types of flood policies: 1) Building Property, up to $250,000, and 2) Personal Property(Contents), up to $100,000.

Some people think that they don’t need flood insurance because they don’t live near water or because they believe that Federal disaster assistance will come to their aid when they experience a flood. But, keep in mind that not all floods are declared a Federal disaster, and nearly 25 percent of all floods occur outside of high-risk flood areas, according to the National Flood Insurance Program (NFIP).

Getting Ready for the Spring Thaw

Remember, it take 30 days for a flood insurance policy to go into effect. And with the warmer weather on its way and mountains of snow still on the ground, it is important to talk with your independent agent about your risk of flooding immediately.

For more information about flood insurance or to discuss your coverage options with an agent, contact McGrath Insurance Group at 800-342-3859 or www.mcgrathinsurance.com

*This article is written for informational purposes only and should not be construed as providing legal advice.

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