The Atlantic hurricane season runs June 1 to November 30, and NOAA puts its peak at September 10, with most activity between mid-August and mid-October. For homeowners and fall buyers around Boston, that date matters because flood damage is not covered by most homeowners policies, and the separate policy that covers it takes 30 days to start.
FEMA’s numbers
- Ninety-nine percent of U.S. counties have experienced a flood since 1998.
- FEMA puts just one inch of water at roughly $25,000 of damage to your property.
- FloodSmart.gov, the National Flood Insurance Program’s own site, reports 29% of flood insurance claims come from outside high-risk flood areas.
- Most homeowners and renters insurance policies do not cover flood damage; flood policies are sold separately, through the same agents who write home and renters policies.
The 30-day clock, and the exception that helps buyers
A standalone flood policy generally goes into effect 30 days after the date of purchase. Wait until a storm is on the map and the policy won’t be in force for it. The exception runs in a buyer’s favor: there is no waiting period when you buy flood insurance while making, increasing, extending or renewing a mortgage. Closing this fall means the policy can be effective the day you take the keys, so ask your insurance agent and your lender to confirm the start date.
What I’d actually do this week
Look the address up on FEMA’s Flood Map Service Center at msc.fema.gov, whether you own or you’re shopping. If the map puts the property in a Special Flood Hazard Area, federal law makes a federally backed mortgage lender require flood insurance for the term of the loan; outside those zones it is optional, and FloodSmart.gov still reports 29% of claims from outside the high-risk areas. Then ask the agent who writes your homeowners policy what a flood policy would run for your building and contents. If you’re under agreement, ask your lender about starting it with the loan. Diana Kim, REALTOR®, eXp Realty.
Questions
Common questions
Does homeowners insurance cover flood damage in Massachusetts?
Most homeowners and renters insurance policies do not cover flood damage, per FEMA. Flood coverage is a separate policy, typically through the National Flood Insurance Program, and it is usually written by the same agents who write home and renters policies.
How long does flood insurance take to go into effect?
A standalone policy generally takes effect 30 days after purchase. There's no waiting period when the policy is bought while making, increasing, extending or renewing a mortgage, so buyers can be covered from closing day.
Do I need flood insurance if I'm not in a high-risk flood zone?
It is worth pricing. FloodSmart.gov reports 29% of flood insurance claims come from outside high-risk flood areas, and FEMA notes 99 percent of U.S. counties have flooded since 1998. Check your address at msc.fema.gov.
Sources
- NOAA National Hurricane Center climatology: the peak of the Atlantic hurricane season is September 10, with most activity between mid-August and mid-October; the season runs June 1 to November 30
- FEMA fact sheet, Everyone Needs Flood Insurance (May 2023): ninety-nine percent of U.S. counties have experienced a flood since 1998
- FloodSmart.gov, the National Flood Insurance Program site: almost one-third of NFIP flood insurance claims come from outside high-risk flood areas (shown as 29% of claims); most homeowners insurance does not cover flood damage
- FloodSmart.gov, Buy a Policy: flood insurance coverage goes into effect 30 days after the date of purchase; there is no wait if you buy flood insurance while making, increasing, extending or renewing a mortgage
Written by Diana Yeji Kim — REALTOR® at eXp Realty, serving Greater Boston in English, Korean, and Japanese.
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