Do I need Flood Insurance in New York

What is Flood Insurance?

Before we determine if you need to carry flood insurance, it is important to understand what Flood Insurance is.

Flood insurance is a type of property insurance that covers a dwelling for losses sustained by water damage specifically due to flooding caused by heavy or prolonged rain, melting snow, coastal storm surges, blocked storm drainage systems, or levee dam failure.

Flood Insurance has very specific guidelines when it comes to paying a claim. FEMA states that for it to be considered a flood, two or more neighboring houses or two or more acres of normally dry land need to be affected before they consider paying a claim.

It also has to be because of one of the following reasons

Overflow of a body of water- lake, pond, stream

Accumulation of rainwater running towards your property

Do I need Flood Insurance

Homeowners or property owners that live in high-risk flood areas that have federally backed mortgages are required to carry flood insurance. And if you live outside of the high-risk flood areas, it could be a low-cost option for you to get flood insurance.

One of the biggest miscommunications around flood insurance is that you have to be in that high-risk area to even get it.

High-risk flood zone property owners are required and forced to get it when everybody in the State of New York and across the country can technically get flood insurance and is in what is considered a flood zone.

Now, this might not be an option that everybody wants to take, but depending on where your house is, it is a good option to at least look into it. Especially in those lower-risk areas, because of how inexpensive a flood insurance policy can be.

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What happens when I buy a property in a flood zone?

Consumers that are in the process of buying a new home need to make sure that they are verifying if they are required to get Flood Insurance. If you are carrying a mortgage and the house is in a high-risk flood zone, the bank will require you to get this before they allow you to close on that loan.

Flood insurance can make or break a new home acquisition. Make sure you are prepared before you get too far into the deal. Look into both a FEMA quote and also a private flood quote. Rates can vary greatly between then two policies.

Ask your agent for both policy options and what the difference between these are. If you don’t have a relationship with an agent or want a flood insurance quote then click the button below to schedule a review with one of our trusted insurance advisors.



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