Many people think that flood insurance is something that only applies to those who live near large bodies of water, like rivers or the ocean. However, this is simply not true. Floods are more common than any other natural disaster in the United States, even in areas far from water, and are among the most costly.
Around 25% of flood insurance claims come from regions classified as having only low or moderate risk. Ironically, the people who do live in high-risk areas often think their property is too dangerous to qualify for flood insurance, though this is not true.
Floods are defined as what happens when water inundates land that is normally dry. This is usually caused by overflow, rapid accumulation of surface water (typically caused by rain), or mudflows. New York has a great deal of experience with flooding, often caused by severe storms. Floods can happen at any location where the ground is unable to absorb excess water. This can be worsened by erosion or poor drainage.
When floods do strike, they damage the structure, walls, floors, foundation, and furniture of a home. Unfortunately, this kind of damage is not usually covered by the homeowner's insurance policy. Federal disaster assistance only applies if the flooded area is declared a natural disaster, and the average flood does not qualify for this.
This is why flood insurance is so important. This covers the damage and physical losses caused by floods. The insurance is designed to help homeowners recover and move back into their houses as quickly as possible. Many kinds of floods are covered including: basic floods, flash floods, tidal surges, flood-related erosion, and mudflows. Certain areas of New York are actually part of a flood plain, making flood insurance essential for local residents.
Flood insurance is available for most New York residents, though the buildings must meet a few requirements. One is that the building must be in a community that participates in the National Flood Insurance Program. The good news is that nearly every community in the nation participates.
It is also important to know that flood insurance is considered catastrophic insurance. This means that there are limits to the provided coverage. Thankfully, these limits are generally reasonable and the cost of flood coverage is very affordable.
Lastly, keep in mind that when you apply for flood insurance, you must go through a 30 day waiting period before becoming covered, so we recommend purchasing your flood policy as soon as possible!
Don’t wait another day! Talk to the experts at Brooks-Waterburn Corp. today and let us help you to secure the best flood protection possible at the best price available!
Give us a call or you can always click the “Insurance Quotes” tab at the top of this page to use our fast and easy “Protection Savings Form”!