Is Your Home Insurance Ready for Hurricane Season? A South Coast Massachusetts Checklist

If you own a home on the South Coast, in New Bedford, Mattapoisett, Marion, or anywhere along Buzzards Bay, you already know a storm doesn't have to be a hurricane to cause damage. Massachusetts is in hurricane season until November 30, and this is a good week to look at your policy. Not after a storm warning, when everyone is calling their insurance agent at once.

I'm Sheri Francis with BOLD Real Estate, and this is the checklist I give my clients. If you are buying, selling, or just staying put, it takes about five minutes.

Some Massachusetts policies carry a separate deductible when a named storm or wind causes the damage. It is often a percentage of your home's value, not a flat dollar amount. The state's Division of Insurance gives this example: a 5% deductible on a $300,000 home means you pay the first $15,000.

Look at your declarations page, the summary at the front of your policy. If you can't tell what your deductible is, ask your agent to point it out.

A standard homeowners policy does not cover flood damage. Flood coverage is a separate policy, through the National Flood Insurance Program or a private insurer. New flood policies usually have a waiting period of about 30 days, so by the time a storm is on the radar, it is too late to buy.

If you have an FHA, VA, or other federally backed loan and your home is in a high-risk flood zone, flood insurance is required. Conventional loans don't fall under that same federal rule, but many lenders ask for it anyway when the home is in a high-risk zone. Zones that start with A or V are the high-risk ones, and you can look up any address on FEMA's flood map site.

Every lender I work with wants proof of homeowners insurance before closing. If you are buying, ask your lender early what they require for your loan type and your address. It can change your monthly payment, which is why I ask about it before an offer, not after the inspection.

Labor and materials cost more than they did a few years ago. If your coverage amount was set a while back, it may not be enough to rebuild. Ask your agent whether your current limit would cover a rebuild at today's prices. It is a ten-minute call.

Some coastal homes are harder to insure, and some owners end up on the state's FAIR Plan, which is the backstop when private companies decline coverage. It often costs more than a private policy. If you are looking at a waterfront or near-water home, ask about insurance early. Whether you are buying a home in New Bedford or looking at the towns along the bay, I'd rather you know the real monthly cost before you fall in love with a house.

• Find your wind or named-storm deductible.
• Ask whether you have flood coverage, and whether your address is in a high-risk zone.
• Ask your lender what your loan type requires.
• Ask your agent if your coverage would cover a rebuild at today's prices.
• Take photos of each room and your valuables, and keep them somewhere safe.

Need an insurance agency? Contact me, and I can connect you with some local insurance agents. If you are buying or selling and want to know how insurance affects your numbers, call or message me and I'll walk you through it.

I am a real estate agent, not an insurance agent. This article is general information, not insurance, legal, or financial advice, and rules and policies change. Your own policy and a licensed insurance professional are the authority on what you are covered for. BOLD Real Estate and I are not responsible for decisions made based on this article.