2008 was one of the wettest summers in Maine in 20 years. Several storms dumped more than an inch of rain each, causing flash flooding and washing out roads. This caused traffic accidents and property damage. This followed one of Maine’s snowiest winters, which caused massive flooding in Aroostook County.
Unfortunately, many people find out the hard way that Maine homeowners insurance, business property insurance and condo insurance policies do not cover flood damage. The most common provider for flood coverage in the U.S. is The National Flood Insurance Program (NFIP). The product is sold by nearly every Maine insurance agency.
As many Mainers learned this summer, you don’t have to live next to a body of water to suffer from flooding. NFIP says that 25% of flood claims come from “low to moderate risk areas.”
Take a look at this video taken on Stevens Avenue in Portland taken earlier this month.
Note: Stevens Avenue in Portland is 100’ above sea level, flat, and miles from a body of water.
For those in special hazard zones, flood coverage can be expensive – often more than homeowners policies. Lenders usually require homeowners to purchase this coverage. Outside of these special hazard zones, the cost of flood coverage is much less – often as little as $200 per year.
For more information, contact your agent at Noyes Hall & Allen Insurance at 207-799-5541.