Heavy rains on Thursday flooded sections of Interstate 93, shut down part of the Red Line, and prompted flash flood warnings south of Boston. A year earlier, a rain-packed storm caused severe flooding in Vermont. And the year before that, flash floods destroyed dozens of homes in Leominster.
So, you might be asking yourself, “Should I get flood insurance?”
More people are asking that question these days — even if they don’t live in high-risk areas, according to local insurance brokers. Here’s what you should know:
First things first, what is flood insurance?
Standard homeowner insurance generally covers water damage, but that’s different from flood damage. Flood insurance is offered through a separate policy and specifically covers property damaged by a flood.
What’s the difference between water damage and flood damage?
Water damage can be as simple as a pipe leaking or a washing machine breaking and damaging belongings. A flood has a specific description, defined by the National Flood Insurance Program as “a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties.”
Do I need to get flood insurance?
It depends. People who live in a designated floodplain face higher flood risk and should consider getting flood insurance — if they don’t have it already. The government has created an interactive map showing areas of highest flood risk.
Even if your house is not within a high-risk zone, you might be close to one. In that case, you might still want to get flood insurance.
In other cases, your house may not be near a high-risk flood zone, but it could still be at risk of flooding if, for example, it’s at the bottom of a hill or a cul-de-sac. Again, you might consider flood insurance.
How do I get flood insurance?
Many homeowners insurance brokers offer flood insurance in a separate policy. If you can’t find a reasonable private policy, the federally run National Flood Insurance Program is an option. The federal insurance is usually cheaper than private policies, but has lower coverage limits.
How much does it cost?
The average flood insurance cost in Massachusetts is $1,142 per year from the NFIP program, according to the personal finance company, Bankrate.
Properties located in flood zones but at higher elevations might qualify for reduced policy rates. You can request an elevation inspection through FEMA.
What about coverage?
The downside to purchasing flood insurance through the NFIP is its coverage cap. The maximum building property coverage is $250,000 and content coverage of $100,000. Private insurers can offer a much higher coverage, but it comes with a cost.
Motor vehicles are not covered by flood insurance, but auto policies with comprehensive insurance typically cover flood damage.
If I want to sell my property, should I cancel my flood insurance?
Not yet! If you purchased your flood insurance through NFIP, you may be eligible for a grandfather rule. This rule means the agreed policy price is locked and won’t increase when transferred to a new homeowner, which could be a selling point. If you cancel your insurance, the next homeowner might have to pay a lot more.
What about the future?
Climate change is accelerating natural hazards, scientists agree. Wildfires, hurricanes, storms, and floods are more common and brutal each year.
In 2024, 74 percent of Americans reported that their community experienced extreme weather, according to Pew Research Center, up from 72 percent in 2023.
Many homeowners insurance companies are increasing policy premiums and lowering coverage due to increased repair costs, according to the National Bureau of Economic Research, a nonprofit organization in Cambridge. Regardless of the politics of climate change, insurance companies are most definitely looking at its effects — the impact on their bottom lines.
Yogev Toby can be reached at yogev.toby@globe.com.