Posts Tagged ‘Flood Insurance’

Flood Damage – Are your home and car insured?

Posted on: September 13th, 2017 by Agent Mark No Comments

Flood DamageThe devastating natural disasters in Texas and Florida have got a lot of people talking about their insurance coverage.

We wanted to take a moment to go over a few flood insurance basics for car and property owners.

Your car insurance and flood damage:

If you have selected comprehensive coverage on your Massachusetts car insurance policy, your car will be covered for any damage caused by a flood event.

Your home, apartment or condo insurance and flood damage:

You will need a separate FLOOD INSURANCE policy to be covered for flood damage. The standard policy for your home, apartment or condo insurance will not provide any coverage for flood damage.

Floods are the most common natural disaster in the United States, but only fourteen percent of Americans elect to purchase this insurance.

If you are interested in learning more about Flood Insurance, FEMA has a very informative website on Flood and Flood Insurance.

We at Herlihy Insurance have LOTS of clients that decline to review the flood insurance option. For many of our clients this is a valid choice. If you do not need it, do not buy it! We just want all of our clients to take a second look at where they live and what a flood event might mean to them.

We can help you with your flood insurance questions. Just give us a call or send us an email!

Hurricane Harvey – Contact your Insurance Agent and ask them to take the Hurricane Challenge!

Posted on: August 31st, 2017 by Agent Mark No Comments

28xp-harveyroundup1-master768We at Herlihy Insurance Group are asking all Insurance Agencies and Insurance Companies to take the Hurricane Challenge!

It is a very simple challenge. Just donate to the Hurricane Harvey Relief effort.

The devastation left in the wake of Hurricane Harvey is too big to ignore. Although we live and work hundreds of miles from the storm ravaged areas, we empathize with this community and want to help.

We know that not everyone impacted by the storm will have the necessary flood insurance to recoup their losses. The statistics being shared at this time indicate that only about twenty percent of property owners in this area actually carried flood insurance.

In the cleanup and rebuild process we know these communities will need donations.

Today Team Herlihy will be making its donation to the Hurricane Harvey Relief effort.

And to all our insurance agency owners and insurance companies, we challenge you to take the Hurricane Challenge!

Just Do It!

Worcester’s Soaking

Posted on: November 13th, 2016 by Herlihy Insurance Group No Comments

Worcester Flash Floods

Last week Worcester was drenched on Friday night. Reports indicated that more than five inches of rain fell on the city within a few hours. Here is a view from one city street!

Although we hated the storm we do LOVE that this gets people talking about Flood Insurance and Coverage for Backup of Water and Sewer.

Flood Insurance is not included on standard property insurance policies. This is a coverage that needs a separate policy.

Coverage for Backup of Sewer and Water can be added to most standard property policies.

Here is a great link from the City of Worcester that reviews suggestions for residents to review regarding preparedness for area “flood” events.

One of their steps is:

Talk to your insurance agent about your coverage. Check out flood and sewer backup insurance.

We love to talk to our clients about this! Every property owner decides what additional coverage is right for them. You may purchase flood and or Back UP of Sewer and Water Coverage or you may decide not to.

We just want you to know about these options!

How high would the 100 year flood be on your building? Consider where you live, what bodies of water are near you and decide if you would like more info on Flood!

Take another Look at Trusts!

Posted on: November 16th, 2015 by Personal Insurance No Comments

Trusts

This week I was assisting a sibling with a question on flood insurance. Well technically I did not do the assisting. Our Herlihy Group Flood Guru answered the question, but during these conversations we were reviewing an individual’s home info. As we reviewed the client’s options we noticed that not only had the street number of the home change but also the ownership!

The story is a trust was created years ago and this property was transferred into that trust. The issue is that the property owner forgot to change their insurance policy to name the trust as owner.

The key challenge with homeowners insurance and trusts comes from the nature of insurance. When you purchase a homeowners policy, you might think you are insuring your home, but you aren’t. You’re insuring yourself (or whoever owns the policy) against something bad happening to your home or at your home. When you throw a trust into the mix, you end up muddying the picture of who is insured and who isn’t.

Since each property and trust is different we suggest that you review your insurance to make certain that both the trust and the individual have the property and liability protection that they need.

Questions? Trust Us at Herlihy Insurance Group! We can figure it out.

Flood Safety Awareness Week

Posted on: March 23rd, 2015 by Personal Insurance No Comments

Flood Safety Awareness Week

In case you missed it, last week was Flood Safety Awareness week in Massachusetts.

With all of the snow still on the ground and the ice dam claims still rolling in, we did not spend a great deal of time celebrating Flood Safety.

However, it is the perfect time for all property owners to make certain they know what type of flood zone they are in and what the National Flood insurance Program thinks about the flood risk at their property.

You can simply check this out by going to www.floodsmart.gov. Once you know your risk you can even review a video that breaks down the cost of flood damage at a property.

The most important thing to remember is that 99% of all insurance property policies WILL NOT cover flood damage. Property owners need to obtain flood coverage from a separate policy.

Check out your flood risk before you need it!

Know Your Flood Zone

Posted on: December 19th, 2014 by Herlihy Insurance Group No Comments

Know Your Flood Zone

If you own a property or are considering buying or selling a property we recommend that you always review the “flood zone” of the designated location. During the past two years there have been numerous updates to the flood insurance program and the flood maps that are utilized in this program.

Many mortgage holders are now requiring property owners to obtain flood insurance.

Just what is a flood?

In simple terms, a flood is 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 (at least one of which is your property). The water must be from a defined “flood” source.

We have three recommendations for all of our property owners:

  1. Go to www.floodsmart.gov and review the flood risk on your property. New flood maps and zoning are intended to provide a more accurate assessment of your property risk of flood.
  2. If you have a current flood policy, please do not let it lapse. You may be grandfathered in with lower rates and should keep this coverage as an option.
  3. If you receive notification from your mortgagee that you are now required to have Flood Insurance, forward a copy of the letter to our insurance agency as soon as possible. This notification will be important for placing flood coverage for your property.

Flood insurance can be complicated.

Know that we are here to help!

Flood Insurance Changes Impact Many

Posted on: July 28th, 2014 by Herlihy Insurance Group No Comments

During the past three years there have been major changes to flood insurance in our country. Many of these changes have stunned current flood policy owners and potential new property buyers that have been quoted very high flood insurance premiums.

We thought it would be good to share the back ground on what has happened in the past few years and what questions you may want to ask if you are advised that you need flood insurance for a property.

In 2012 the Biggert-Waters Flood Insurance Reform Act was passed into law. This reform caused many changes on the flood insurance market. Unfortunately there were many unintended effects on home owners. A few of these were very steep pricing increases that cause rate increases that were double, triple and even ten times higher than previous premiums.

On March 21, 2014 the Homeowners Flood Insurance Affordability Act of 2014 was signed into law. This law repealed and modified many aspects of the Biggert-Waters Insurance Reform Act. A few of the benefits of this new law are:

  • Lower rate increases on some policy holders
  • Prevention of immediate onerous rate increases for flood risks
  • Refunds to certain new policyholders that were required to pay full-risk rate on a new flood insurance policy on or after July 6, 2012.
  • A new surcharge on all policies. $25 for primary residences and $250 for all other properties

What does this mean to you?

  • If you currently have a flood insurance policy in effect, make certain that you pay your premium on time and keep your current policy in effect. There are many grand fathering benefits to current flood insurance policy holders.
  • If you are purchasing a new property before you sign a purchase and sale check with your lender regarding flood insurance requirements. In a few cases we have seen lenders require this insurance and the premiums have been in excess of $10,000.
  • If you are purchasing a property that currently has flood insurance on it, you may have the option to have this policy assigned over to you. This assignment may provide the buyer with reduced flood insurance premiums.

If you are interested in more detailed info on Flood Insurance you can check out the FEMA website at:

www.fema.gov/national-flood-insurance-program

Obtaining flood insurance coverage is no longer an easy task and it is NOT included in your home or business insurance policy. We at Herlihy Insurance Group are here to assist our clients with this process.

Flood Insurance Changes Impact Many

Posted on: April 28th, 2014 by Personal Insurance No Comments

During the past three years there have been major changes to flood insurance in our country. Many of these changes have stunned current flood policy owners and potential new property buyers that have been quoted very high flood insurance premiums.

We thought it would be good to share the back ground on what has happened in the past few years and what questions you may want to ask if you are advised that you need flood insurance for a property.

In 2012 the Biggert-Waters Flood Insurance Reform Act was passed into law. This reform caused many changes on the flood insurance market. Unfortunately there were many unintended effects on home owners. A few of these were very steep pricing increases that cause rate increases that were double, triple and even ten times higher than previous premiums.

On March 21, 2014 the Homeowners Flood Insurance Affordability Act of 2014 was signed into law. This law repealed and modified many aspects of the Biggert-Waters Insurance Reform Act. A few of the benefits of this new law are:

  • Lower rate increases on some policy holders
  • Prevention of immediate onerous rate increases for flood risks
  • Refunds to certain new policyholders that were required to pay full-risk rate on a new flood insurance policy on or after July 6, 2012.
  • A new surcharge on all policies. $25 for primary residences and $250 for all other properties

What does this mean to you?

If you currently have a flood insurance policy in effect, make certain that you pay your premium on time and keep your current policy in effect. There are many grandfathering benefits to current flood insurance policy holders.

If you are purchasing a new property before you sign a purchase and sale check with your lender regarding flood insurance requirements. In a few cases we have seen lenders require this insurance and the premiums have been in excess of $10,000.

If you are purchasing a property that currently has flood insurance on it, you may have the option to have this policy assigned over to you. This assignment may provide the buyer with reduced flood insurance premiums.

If you are interested in more detailed info on Flood Insurance you can check out the FEMA website at
www.fema.gov/national-flood-insurance-program.

Obtaining flood insurance coverage is no longer an easy task and it is NOT included in your home or business insurance policy. We at Herlihy Insurance Group are here to assist our clients with this process.

Flood Insurance Reform and Your Home

Posted on: September 26th, 2013 by Personal Insurance No Comments

As an insurance business in central Massachusetts we do not have a great number of clients that currently have flood insurance, but there are major changes going on regarding Flood Insurance Reform and we think they are worth reviewing.

We hope that all property owners know that coverage for FLOOD is not automatically included in a property policy. The majority of Flood Insurance coverage written in our agency is placed through the National Flood Insurance Program and one of its providers. This coverage is provided on a separate Flood Insurance policy.

Congress passed The Biggert Waters Flood Insurance Reform Act of 2012 and now property owners will start to see the impact of the passage of this reform act. In addition to the changes brought on by this reform the National Flood Insurance Program has also been updating and revising flood maps.

Basically many of the old rules and rates of flood insurance are gone and the new rules and rates apply. These changes will mean different things to different property owners.

In our agency we have already had four requests for flood insurance from insureds whose mortgagees are requiring that they now obtain flood insurance even though this was not required with the lender when they purchased the home.

Here are a few good websites that review many of the changes that property owners may face with the passage of this act.

A few things we would like to recommend regarding flood and these new requirements.

  1. If you have a current flood policy, please do not let it lapse. You may be grandfathered in with lower rates and should keep this coverage until you review other options.
  2. If you receive notification from your mortgagee that you are now required to have Flood Insurance, forward a copy of the letter to your insurance agent as soon as possible. The NFIP has specific time frames for placing flood coverage and this document will be important.

These changes are scheduled to go into effect 10/1/2013.

If you have any questions about Flood Insurance, please give us a call or send and email. We look forward to working with our clients on sorting out this new Flood Program.