Why New York Residents Should Have Flood Insurance

Floods are among the most common natural disasters that may affect your home and property. These incidents can be caused by heavy rains, hurricanes, unusual runoff patterns or overflow of inland or tidal waters. Regardless of how it occurs, even a single flooding event can cause devastating property damage and significant financial losses. With that in mind, you should take the time to understand the benefits of flood insurance. 

What Is Flood Insurance? 
Organized by the Federal Emergency Management Agency (FEMA), the National Flood Insurance Program (NFIP) provides flood insurance for homeowners, renters and businesses throughout much of the United States to help them pay for damaged buildings and losses involving their possessions. In addition, policies can be purchased through private insurance companies, which may allow you to retain higher levels of coverage.  

What Does Flood Insurance Cover? 
Although there may be several ways for you to acquire flood insurance and customize your coverage, most policies can generally be relied on to help pay for losses involving the following: 

• Structures, including: 
  • Foundations 
  • Plumbing and electrical systems 
  • Water heaters 
  • Central air and heating systems 
  • Attached fixtures (e.g., bookcases, cabinets, paneling) 
  • Built-in appliances 
  • Garages 
• Contents, including: 
  • Furniture 
  • Electronics 
  • Clothing 
  • Portable appliances 
  • Food 
  • Some valuables (e.g., jewelry, art) 

In many cases, flood insurance will not cover possessions stored in your basement. Work with a qualified insurance professional to fully understand your policy and ensure it provides adequate coverage. 

Why Is Flood Insurance Important? 
As a homeowner, you must understand all capabilities and limits of your insurance policies. Most standard homeowners insurance policies do not include flood coverage. So if you do not purchase an endorsement for your homeowners coverage or acquire flood insurance as a separate policy, any losses related to a flood will need to be paid out of pocket. Even an inch of floodwater can wreak havoc on your property, meaning that a single storm or other flooding event could have catastrophic consequences for your finances, family and property. 

Get the Right Coverage 
We’re here to help. At the James V. Funaro Agency, our insurance professionals have over 50 years of combined experience serving Bethpage and the rest of Long Island. Our agents have the knowledge and expertise to assess your flood insurance needs and ensure you have optimal coverage. Visit our website or call one of our offices today to get started. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.