With this year's extreme snowfall in the Northeast, weather experts and public agencies have warned about the high potential for flooding when spring arrives. Homeowners who live in susceptible areas should be advised to acquire or update flood insurance policies immediately, to help reflect the potential need in the event of serious damage.
In the Boston Globe, a report suggests that homeowners get ahead of the changing weather in time for updated policies to take effect. The key takeaway is that time is of the essence.
"With an increased threat of spring flooding, officials from the Massachusetts Emergency Management Agency are encouraging residents to look into purchasing a supplemental policy to help cover the costs of potential damage caused by poor drainage and river overflow from melting snow," the newspaper reports. "Spring is just a month away now, and policies typically take effect after 30 days."
Flooding is not always a seasonal problem, but a combination of rain and melting snow can cause water levels to rise in vulnerable areas. As a result, homes can sustain significant damage that is not protected under standard homeowners insurance policies. Last year, the Federal Emergency Management Agency (FEMA) updated its flood maps to suggest new areas that might be susceptible to flooding. Advising insurance customers to understand their risk is paramount to keeping their assets safe when flooding occurs.
To help get the most effective flood insurance policy, homeowners should start with an accurate valuation of their property to determine replacement costs. It's too late after the flood. At e2Value, our valuation solutions can provide the most consistent, reliable valuations to help arrive at policies that will cover the price of restoration or rebuilding. Contact us today to learn more about our calculation system.