Massachusetts Flood Insurance

Massachusetts Flood Insurance

Recently we were asked by a client to shop their Massachusetts Flood Insurance Policy which is with NFIP.

NFIP stands for The National Flood Insurance Plan offered by FEMA which stands for Federal Emergency Management Association which is under the control of United States Department of Homeland Security.

According to NFIP’s website:

“The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses and by encouraging communities to adopt and enforce floodplain management regulations. These efforts help mitigate the effects of flooding on new and improved structures. Overall, the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance, but also of flood insurance, specifically.”

Unfortunately the part about “providing affordable insurance to property owners,” doesn’t always seem too accurate.

Our client owns a small cottage on Cape Cod, unfortunately located in a VE flood zone.

VE flood zone is described: Areas subject to inundation by the 1-percent-annual-chance flood event with additional hazards due to storm-induced velocity wave action. Base Flood Elevations (BFEs) derived from detailed hydraulic analyses are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply.

NFIP’s “affordable” annual, renewal premium offer was:

$4,602.00 for $88,000 of building coverage, subject to $5,000 deductible.

or

$5,205.00 for increased building coverage of $96,800, subject to $5,000 deductible.

We then marketed this property to the emerging, evolving private flood insurance market.

We were able to secure a quote of: $3,056.64 for $90,000 of building coverage, subject to $5,000 deductible.

Impressed, we were less so when we received an additional quote, from another private flood insurance market, for: $1,180.00 for $90,000 building, subject to $1,000 deductible.

With some marketing effort, our client was able to reduce their flood insurance from $4,602.00 to $1,180.00.

So, the morale of the story is, just because the NFIP brags about offering “affordable” Massachusetts flood insurance coverage, it’s not always the case.

Seek the advice and shopping power of your trusted independent insurance agent.

Lynnfield, MA Home Values

Lynnfield, MA home values

According to Zillow’s “Home Value Index”/ Lynnfield, MA Home Values, the average home in Lynnfield, Massachusetts is worth $665,200.

Over the past year:

  • -0.4% 1-year change
  • -0.9% 1-year forecast

According to Zillow:  “Lynnfield home values have declined -0.4% over the past year and Zillow predicts they will fall -0.9% within the next year. The median list price per square foot in Lynnfield is $298, which is higher than the Boston-Cambridge-Newton Metro average of $296. The median price of homes currently listed in Lynnfield is $699,450.

Foreclosures will be a factor impacting home values in the next several years. In Lynnfield 0.0 homes are foreclosed (per 10,000). This is lower than the national value of 1.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Lynnfield is 0.3%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Lynnfield homeowners underwater on their mortgage is 2.4%, which is lower than Boston-Cambridge-Newton Metro at 3.5%.”

All this bodes well for local residents and our Lynnfield, MA home values.

Massachusetts Home Insurance Review

Massachusetts Home Insurance Review

Why is it important to have an annual Massachusetts Home Insurance Review?

We’ve seen it hundreds of times over the years. A prospective client shows us their home insurance coverage Declarations Page and there, at the top of the page, is: an eye-popping number.

“How long have you lived in your home?” I ask.

Over 20 years.

“Have you ever had a claim?”

No.

“Do you have a Pit Bull?”

No.

What on earth is going on here? A beautiful home, perfect clients and an insurance premium that is out of sight.

I go to our home insurance comparative rater and I verify my suspicions.

The home is over-insured and under-discounted.

I’ve heard it called: “the insurance two-step.” One step one way, another step the other way.

Left unchecked, a home insurance policy can go the way of a runaway train. Every year insurance companies increase the policy’s coverage A, Dwelling, amount by an average of 3 – 4%. When dealing with large numbers, over a number of years, the home insurance policy’s dwelling amount can get way too extravagant.

The dwelling amount should represent the home’s pure construction cost, or replacement cost. This number is very different than assessor or market values.

Another reason it’s important to suffer through an annual Massachusetts home insurance review is because insurance companies role out different discount programs every year.

With the assistance of HomeownerQuote, we’ll shop for the latest and greatest package discounts to ensure you’re not over-paying for home insurance.

Inexpensive Massachusetts home insurance

Inexpensive Massachusetts home insurance

Everyone is looking for inexpensive Massachusetts home insurance.

This writer, who lives in Massachusetts and happens to be an insurance agency owner, also looks for inexpensive home insurance.

Notice the word: “inexpensive” vs. the word: “cheap.”

Cheap implies something not good, not well made, something that will get broken under intense scrutiny.

As in: “I wish I had known that I had such a cheap policy before my pipes froze ….”

Over the past 25 years I’ve moved my home insurance twice. Both times packaging with my auto and taking advantage of new, hot discount programs.

How do you find the most inexpensive Massachusetts home insurance?

You find a trusted insurance agent that will shop your home and auto insurance with numerous carriers.

You contact us at: HomeownerQuote.com.

Call, click or stop by.

 

 

 

Massachusetts Homestead Act

Massachusetts Homestead Act

The Massachusetts Homestead Act is designed to allow homeowners in MA to protect their primary residence against subsequent attachment, levy or sale to satisfy debts up to $500,000. The Homestead Law does not protect against: taxes or mortgages used to purchase the residence. Homeowners must file for the Homestead Act with The Registry of Deeds office in the county in which the residence is located.

Massachusetts charges a one time Filing Fee of $35 for a Declaration of Homestead.

Registry of Deeds Links:
Registry of Deeds Offices:

District/County:

Located in:

Barnstable Barnstable
Northern Berkshire Adams
Middle Berkshire Pittsfield
Southern Berkshire Great Barrington
Northern Bristol Taunton
Southern Bristol New Bedford
Fall River Bristol Fall River
Dukes Edgartown
Northern Essex Lawrence
Southern Essex Salem
Franklin Greenfield

The Homestead Act
Questions & Answers

La Ley de Protección de Hogar Seguro
Preguntas y Respuestas

City/Town to Registry Guide

District/County:

Located in:

Hampden Springfield
Hampshire Northampton
Northern Middlesex Lowell
Southern Middlesex Cambridge
Nantucket Nantucket
Norfolk Dedham
Plymouth Plymouth
Suffolk Boston
Northern Worcester Fitchburg
Worcester Worcester

Massachusetts Deed
Indexing Standards
(PDF, 276 kb)

Massachusetts Document
Formatting Standards,
Effective January 1, 2008
(PDF, 12 kb)

Home Insurance Help

home insurance too expensive

Is your home insurance too expensive? If so: you are not alone. Across the country insurance companies are hedging their bets to ensure they don’t lose money.

The stakes are high. New, trending now, AI (artificial intelligence), start-up insurance companies are launching new business paradigms.

Buyer, startups, insurance companies and agents beware.

Every year Massachusetts’ home insurance consumers should take a few minutes to review coverage and premiums with us here at HomeownerQuote.

As life changes, home insurance needs change as well.

HomeownerQuote.com’s Renewal Checklist:
  • Do you own jewelry, furs or watches with values over $1,000?
  • Do you own silverware with a total value of over $2,500?
  • Do you have a collection of valuables, including: coins, stamps or other?
  • Do you own any of the following: Musical Instruments, Fine Arts or Antiques, Camera Equipment, Sports Equipment, Personal Computer?
  • Do you own a boat?
  • Is there a trampoline on your property?
  • Do you have any tools, equipment or other property used in your business or occupation?
  • Would you like your insurance to provide: Replacement Cost Protection on your Dwelling, on your Personal Property, Credit Card/forgery protection, Ordinance or Law coverage, Earthquake coverage?
  • Flood is not a covered loss on a homeowner policy. Would you like to obtain rates for flood insurance? Also excluded from coverage are such things such as: rot, mold, mildew or animal/vermin/insect damage.
  • Are you interested in receiving information on: Auto, Life, Excess Liability (Umbrella), Boat or Business Insurance?
Home Insurance Too Expensive?

Have us shop you with numerous companies to find you the best rates and coverage.

All we need is your address and within minutes we’ll send you a customized home insurance quote.

Use HomeownerQuote.com and put the power of the independent agent to work for you!

Oh No, Mold!

Oh No, Mold!

As independent insurance agents, we always hope there’s coverage for a client’s claim. However, sometimes when I hear certain things, such as “mold,” all the hope in the world probably won’t help.

When I hear the word “mold,” I think of homeowner insurance coverage exclusions.
Things that are excluded from dwelling coverage include: wear & tear, rot, mold, mildew, animal damage, earth movement (earthquake), flood & nuclear explosion.
If you’re worried about mold and mildew in your home, it’s better on the bank account to take care of sooner, rather than later.

Home Insurance for High Value Homes in Hopkinton, MA

Home Insurance for High Value Homes in Hopkinton, MA

Johnson & Rohan Insurance Agency is running a limited facebook campaign because we are so excited about our appointment with A- rated, Swyfft. We can now offer “Geico-like” savings on home insurance for high value homes in Hopkington, MA.

We decided on, of all towns and cities in Massachusetts: Hopkinton.

Why? Not only does The Marathon start in Hopkinton but so does the start of our new, Swyfft campaign. Hopkinton is a beautiful town and it’s growing. New construction and high values are well within Johnson & Rohan Insurance’s facebook campaign’s wheel house.

In addition to savings, Swyfft policies include guaranteed replacement cost on both dwelling and personal property coverage.

To qualify for coverage, your home must have: circuit breakers, be in good condition, not be rented, and have minimal claim history.

Getting a quote could not be any easier. Just enter your address and e-mail address. That’s all we need.

Within minutes you will receive a quote that will change how much you pay for home insurance.

Home

 

New Insurance Company for Cape Cod

New Insurance Company for Cape Cod

Cape Cod Insurance Relief!

Cape Cod homeowners can now breathe a sigh of relief! Long shunned by national insurers, HomeownerQuote.com now offers “Geico- like” savings for homes on Cape Cod.

Powered by long-time independent, Massachusetts Insurance Agency, Johnson & Rohan Insurance, HomeownerQuote.com has entered into an arrangement with national insurer, A- rated, Swyfft to offer Cape Cod homeowners extraordinary savings and coverage.

To qualify for coverage, your home must have: circuit breakers, be in good condition, not be rented, and have minimal claim history.

Kevin Johnson, owner of Johnson & Rohan Insurance says: “For the right home, we’re saving our Cape clients hundreds, sometimes thousands of dollars. It’s the big break Cape Cod homeowners have been waiting for.”

In order to get a quote, just send HomeownerQuote.com your contact and property address and they will send you a quote within minutes.