What is Flood Insurance?
Homeowners insurance policies offer protection against many different risks, but they commonly exclude floods from their coverage. Homeowners in Massachusetts who need or want coverage for potential flooding usually have to purchase a peril-specific flood insurance policy.
Flood policies can be used to protect just about any type of home. Insurance companies frequently offer policies for single-family homes, duplexes, townhomes, condominiums and more. Some companies even have flood policies for renters, generally to help protect their possessions from excess water.
Who in Massachusetts Needs a Flood Policy?
Many homeowners in the state may benefit from having a flood policy, and a number might even be required to purchase this coverage.
In flood-prone areas, purchasing flood coverage is generally wise. Sometimes, it’s even legally required.
In areas that flood infrequently, coverage might be so affordable that getting a policy makes sense even though the risk is low. Most regions could flood if the conditions were right, and recovering from a historic flood is typically expensive.
Is the National Flood Insurance Program Available in Massachusetts?
The National Flood Insurance Program is a federally funded program for homeowners (and others who own property) in flood-prone areas. The program is only available to homeowners who live in participating communities, but many communities in Massachusetts participate. A full list of participating communities is available on FEMA’s site.
For those who live in a participating community, FEMA’s program is normally the most affordable way to purchase coverage.