Hurricane season entering peak period…yet many homeowners still do not have flood insurance

The busiest period of the Atlantic hurricane season is getting underway, so if you have not yet considered buying flood insurance, now is the time. Flood insurance covers your property against hurricane-caused storm surges as well as flooding generated by the torrential rains, which often accompanies tropical storms, according to the Insurance Information Institute (I.I.I.).

Standard homeowners and renters insurance policies do not cover flood damage. However, flood coverage, is available in the form of a separate policy both from the National Flood Insurance Program, and from a few private insurers.

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage occurred. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

There is a 30-day waiting period before the coverage takes effect, so it is important not to wait until the last minute to buy a flood insurance policy.

Flood insurance is available for renters as well as homeowners. You will, of course, need flood insurance if you live in a designated flood zone. But it is worth keeping in mind that flooding can also occur in inland areas and at a distance from major rivers. Indeed, just last month a flash flood watch was in effect for the Santa Ana Mountains. You may want to consider buying a flood insurance policy if your house could be flooded by an overflowing creek or pond or water running down a steep hill.

Excess flood insurance is also available from some private insurers if you need additional insurance protection over and above the basic policy or if your community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage over and above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

Excess flood insurance is available in all parts of the country wherever the federal program is available—in high risk flood zones along the coast and close to major rivers, as well as in areas of lower risk. It can be purchased from specialized companies through independent insurance agents or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide flood coverage to their policyholders.

To find out whether private primary flood insurance is available in your area, contact your Insurance Professional.

Source: www.iii.org

RELATED LINKS

• Learn More: Flood Insurance through Murphy Insurance Agency
• Issues Update:Flood Insurance
• Facts and Statistics: Flood Insurance

Read Other Blog Posts

MHM 1

Introducing the Murphy Insurance Homeowner’s Manual: Your Guide to Preventing Costly Home Repairs & Damages

Murphy Insurance Agency has launched a new Homeowner’s Manual designed to help you prevent costly home repairs and avoid common insurance claims. Backed by decades of real-world experience, this practical guide offers seasonal tips, safety advice, and a maintenance checklist to protect your home—and your wallet—all year long. Download your copy today!
Protecting Your Marlborough Home A Local Guide to Homeowners Insurance

Protecting Your Marlborough Home: A Local Guide to Homeowners Insurance

Thinking about homeowners' insurance in Marlborough, MA? Whether you're settling into your first home or reviewing your coverage, Murphy Insurance offers expert guidance and tailored protection designed for New England’s unique risks. Discover what’s included, what to expect, and how our local team can help you protect what matters most.
House with trees

10 Signs a Tree May Fall on Your Property

Trees can be valuable additions to any property; however, each year, fallen trees and branches cause millions of dollars in property damage. It is crucial to proactively recognize signs a tree may be at risk of falling to help prevent dangerous and costly accidents.
Renters Insurance in Medway, MA Protect Yourself Original

Renters Insurance in Medway, MA: Protect Yourself

Renting in Medway, MA offers convenience—but without renters insurance, your belongings may be at risk. While your landlord’s policy covers the building, it doesn’t protect your personal property or shield you from liability. Renters insurance provides affordable coverage for theft, fire, water damage, and personal liability. With options tailored to your needs, local agencies like Murphy Insurance make it easy to get covered.

Spring Clean Your Insurance: A Fresh Start for Your Policies

With Spring often comes spring cleaning. Have you ever thought about giving your insurance policies a little spring cleaning too? Just like your home, your insurance coverage needs attention and regular updates to ensure it’s still a good fit for your current needs.
What to Do When a Hurricane Threatens

Get Ready for Hurricane Season in New England: What You Need to Know

While New England is not typically directly in the hurricane "strike zone" like the Gulf Coast or the Southeast, that doesn’t mean we’re immune to the dangers of hurricanes and tropical storms. With that in mind, it's important to have a plan as hurricane season approaches and be sure you understand your insurance coverage.
Notify Your Agent if Home in a Trust

Notify Your Insurer If Your Home Is In A Trust

It may not seem like a big deal, but if your home is held in a trust and your insurance policy isn’t updated to reflect that, it could cause serious problems if you ever need to file a claim. If you’ve put your home into a trust or are planning to, reach out to your insurance agent.
Driver

Defensive Driving Tips

Using proper defensive driving techniques will help keep both you and other drivers safe on the road. With this in mind, be sure to implement the following defensive driving guidance the next time you get behind the wheel.
Women talking

Understanding the Insurance Knowledge Gap Among Gen Z

Surveys reveals that many Gen Z adults feel overwhelmed by insurance and lack understanding of basic coverage terms, leading to gaps in their protection. However, by working with trusted insurance professionals, they can gain clarity and make informed decisions about essential coverage for their future.

Visit Our Homeowners Insurance Page

Homeowners Insurance

At Murphy Insurance, we take great care in assessing your options for homeowners insurance to ensure that you receive the most favorable value. Our dedication to serving you entails collaborating with highly-rated insurance providers and conducting comprehensive assessments of available choices. Our goal is to achieve the ideal equilibrium between affordability and coverage that suits your unique needs. Please let us provide you with a customized homeowners insurance quote.