New York Flood Insurance 

In early July of 2023, Highlands, New York was completely underwater and a state of emergency was declared as highly devastating flood waters made their way across the area. The Governor of the state had warned residents of flooding that could be “life-threatening”.

West Point experienced rains that only occur once every 1,000 years. In a span of 6 hours, a total of 8 inches of rain fell. People were swimming to their vehicles, in excess of 13,000 different homes lost power. Out of all of these, only FOUR homeowners in the entire area had flood insurance. 

Devastating Damage Not Covered 

Today, thousands of homeowners are discovering that the devastating damage produced by the flood waters is not covered by their homeowner’s insurance.

Why? Because they do not have flood insurance. One of the main reasons for this is because many do not understand flood insurance and its overall importance.

Severe weather is on the rise. Predictions have been made that it is only going to get worse, over time. If you do not have flood insurance, now is the time to gain an understanding of it and get it. 

What Is Flood Insurance? 

Flood insurance is a specialized policy that is designed to protect various types of individuals from the damage that results from flooding. Individuals that may obtain this coverage include homeowners, those that own businesses, and renters. In most instances, it is not included as part of a homeowner’s or property insurance coverage – it must be obtained in addition to those policies.

The good news is, it will – typically – cover damage done to the structure and the loss of any belongings located on the inside of a structure. For those that rent, it only covers the contents within a structure. 

What Are the Coverages of Flood Insurance?

Flood insurance coverages usually go up to $250,000 for a single-family home and up to $100,000 for the contents within the home that was affected. In terms of businesses, the maximum amount covered goes up to $500,000. It is important to know that this is for traditional flood insurance.

If your home and belongings are worth more that the max cap rate, you should obtain additional coverage through private flood insurance companies. These companies provide higher limits and higher coverages than that of traditional flood insurance. 

What Is Considered a “Flood” in Insurance? 

A “flood” is defined as any of the following with flood insurance policies:

  1. The overflow of waters that occur with the ocean and/or inland bodies of water
  2. The surface water runoff from any type of water source that is considered to be rapid and unusual
  3. The flow of mud
  4. The collapse or other type of complication associated with land that occurs as a result of erosion, waves, or a body of water exceeding the levels that are commonly anticipated

Contact Us Now 

Do not risk damage from a flood. Your home is the single largest expense of a lifetime. Why take the risk when you do not have to? Contact us here at Modica Associates today so that we can assist you in finding a homeowner’s and/or flood insurance policy that is right for your needs: 718-855-1836

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