Flood Insurance in New York
Many Americans are still unaware that flood damage is not covered by their homeowner’s insurance policy. Others are in denial about the serious flood risks to which they are exposed. When considering whether or not you should purchase a flood insurance policy, take this into consideration:
- Floods are the nation’s #1 natural disaster.*
- Anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP (National Flood Insurance Program) claims and receive one-third of disaster assistance for flooding.*
- In high-risk (SFHAs) areas, conservative estimates show that only one-third to one-half of residents have flood insurance. In these areas there is a 26% chance of flooding over a 30 year period, while there is about only a 10% chance for a fire.*
- For a number of flood disasters in the past few years, only 10 to 20% of the victims in SFHAs had flood insurance coverage. The remaining 80 to 90% had to rely on taxpayer-funded Federal disaster assistance, low-interest loans, tax write-offs or savings to help them recover.*
*Information from floodsmart.gov
Flood insurance will protect you in two ways:
- Building Coverage: Protects the insured property and its foundation, electrical system, plumbing, central air, appliances, permanently attached carpet and other flooring and more.
- Contents Coverage: Covers the insured’s clothing, furniture, electronics, window coverings, portable appliances, rugs and more.
To get answers about flood insurance, contact George A. Bell Insurance agent and ask to speak with a flood specialist today. 914-769-1700
Common Flood Insurance Questions
Is Flood Insurance Expensive?
Flood insurance prices will vary depending on many factors. Those factors can include:
- Value of your home
- Location of your home (is it likely to flood – near rivers, streams, swamps etc.)
- Primary or secondary residences
- Basements
- & more.
If you want to get a general idea, we can quickly provide you with a quote or you can go to FEMAs website and look up your home address and assess your risk. The quickest way to understand your risk and get a quote would be to contact our agency.
Doesn’t FEMA Cover My Flood Loss?
In order for FEMA to step in and help, the President of the United States must declare a FEMA emergency. This is done in roughly 50 percent of major floods (according to FEMA.GOV). Even then, the assistance provided is a low interest loan that needs to be repaid. This is not free money given out.
A Pipe Broke In My House, Do I need Flood Insurance?
No. A broken pipe in your home is not what flood insurance is for. This would be covered by your standard home insurance policy.
My Sewer Backed Up Into My Home, Is This Flood Insurance?
No, unless the sewer backed up clearly because of a flood and rising flood waters. There is a coverage available called Water & Sewer Backup coverage. You may ask your agent about this and what it covers.
How Fire & Water Can Create Floods
Do you live in or have property located in an area that recently had wildfires? Trees suck up so much water when they are alive. If these trees die off, this creates excess runoff in areas not typically prone to flooding. This can increase your chances of being involved in a flood.
Only you can decide whether having flood insurance is right for you. While it is mostly optional (unless you live in a high flood prone area and your mortgage carrier requires it), it may help save you thousands of dollars in expenses.
