Should you buy flood insurance? Brokers say it depends
After this weekend’s flash flooding of historic proportions – even in areas well outside the flood zone – you may be wondering whether you should purchase flood insurance.
Insurance agents say it depends on several factors.
“WAKE-UP CALL”
“They just told us there was nothing they could do,” he said. “That’s what we’re left with now.”
Longtime insurance agent Peter Boccarossa says he is inundated with calls from customers.
“That was definitely a wake-up call,” he said. “If you don’t live in a flood zone, your mortgage loan doesn’t require you to have flood insurance. And you know, who really thinks about the fact that that tiny river next to their house — which is 10 feet deep — could get 8 feet high?”
Flood insurance
Without flood insurance, you’re out of luck. Homeowners insurance only covers wind-driven rain, such as tree and roof damage, or water coming through your windows during a thunderstorm. Groundwater and expensive mold damage are not covered.
If you live in a federally designated flood zone, flood insurance is generally required. If not, Boccarossa says you should get it—but be sure to ask yourself and your agent some important questions first.
“If you’ve seen something around your home or in your area that concerns you, it’s probably time to take a closer look,” he said.
Flood insurance can cost anywhere from a few hundred dollars per year to as much as $15,000. According to federal guidelines, insurance depends on your elevation, proximity to water, local repair costs and frequency of flooding.
If your car has suffered damage, there is good news: flood damage is covered by car insurance.
FEDERAL AID
“There is still a lot of work to be done to repair and reopen roads and ensure that people in the area remain safe, and we are committed to completing this task,” Lamont said in a statement. “I thank President Biden for taking these actions and providing Connecticut with these life-saving resources.”
Senator Richard Blumenthal is planning a town hall meeting for flood victims on Friday.
“The best way to apply is through your local or state government or through my office,” he said. “We can provide information.”
How to report a claim
