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Flood Insurance - Are You Covered?

Updated: Apr 20, 2023

Disclaimer: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

Flood Insurance

If you live in northern New York, you know blizzards are just a part of life. If you live on the ocean, you know you need to be prepared for hurricanes.

But even if you don’t live in a coastal area - or on any body of water at all - it’s important to recognize the risk of flooding.

You don’t have to live in a floodplain to be at a heightened risk, either. Hurricane Irene, for example, taught us all that it’s important to be prepared for whatever Mother Nature might throw our way.

From ice jams to intense spring snowmelt, there are all kinds of reasons why you need to be prepared for floods. Flood insurance is one of the best safeguard measures you can take to protect yourself.

What is Flood Insurance?

Flood insurance helps to protect against property damage caused by flooding. According to FEMA, there is a 26% chance you will experience a flood at some point.

Standard homeowners insurance or renters insurance policies do not typically cover flood damage. If you live in an area at risk for flooding, you may want to consider purchasing a separate flood insurance policy.

Flood insurance can help to cover the cost of repairs to a home or business as well as the replacement of any damaged belongings. It can also help to cover the cost of temporary housing if a home becomes uninhabitable due to flood damage.

Is Flood Insurance Mandatory in NY?

As long as you don’t live in a building within a floodplain, flood insurance is not mandatory in New York State.

However, the Department of Environmental Conservation highly recommends purchasing flood insurance regardless of where you live. Your mortgage lender may require you to purchase flood insurance, too, particularly if you are buying a home with a government-backed or government-issued loan and the home is located in a high-risk flood area.

Remember, even if you don’t live within a floodplain, you can still experience flooding. About 40% of NFIP flood insurance claims were from homes located outside of high-risk areas. Federal disaster assistance won’t pay for flood damage unless the entire area is declared a federal disaster area - which happens less than 50% of the time.

How Do I Get Flood Insurance in NY?

There are a couple of different types of flood insurance, including NFIP (insurance through the National Flood Insurance Program, which is offered by FEMA and backed by the federal government) and private flood insurance. Talk to your insurance agent about which option is best for you.

For those who are considering purchasing flood insurance, it is important to understand there is typically a 30-day waiting period before the coverage goes into effect. As a result, it is important to purchase flood insurance before a flood occurs.

If you aren’t sure what kind of flood coverage you need or how much, be sure to contact Northern Insurance Agency, Inc. We'll present the options, explain the coverage, and let you decide. That way, you won’t end up in over your head when disaster strikes.

Northern Insuring will simplify the complicated...for insurance. Call us today!


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