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Flood Insurance Facts of New York

Flood-Insurance-Facts-of-New-YorkFlood Insurance Facts of New York

Flood insurance is an essential component to ensuring your home and business is protected. However, flood insurance does not come standard in most homeowners policies, a fact many are unaware of until it is too late.

Flood insurance remains a somewhat murky concept. How much flood protection insurance do I need? Do I really need it if I don’t live in a flood-prone area? Does my homeowner’s insurance cover any part?

Here are some facts about flood insurance that you made not have known:

  • There is no such thing as a flood-free zone. Some low-lying areas, near water, or downstream near a damn are at a higher risk- FEMA updates flood maps periodically identifying low, moderate, and high risk flood areas.
  • In a high risk area, your home is more than twice as likely to be damaged by flood than by fire. Even low-risk areas account for 20 percent of NFIP claims, and receive one-third of disaster assistance.
  • Even a small amount of water can be a serious disaster. According to the Flood Cost Calculator
  • Most homeowners insurance policies do not cover flood damage.
  • It takes 30 days after purchase for a policy to take effect, so it is important to buy it sooner rather than later.
  • The average annual U.S. flood losses in the past 10 years were over 2.9 billion.
  • Two feet of water is enough to float a vehicle.
  • New land development can increase flood risk, especially if the construction alters natural runoff paths.
  • Over 5.5 million people currently hold flood insurance policies across the United States.

In the event of a flood, there are numerous resources in New York that can aid you, in providing information and updates. The New York City Office of Emergency Management has a list of government organizations, including federal, state, and local, that help residents with flood related issues, ranging from temporary homes for displaced residents to general information.

The Tri-State region has seen a significant increase in flooding. Flood and Excess Flood insurance is a crucial component of your insurance package to make sure you and your family are protected. At A.J. Benet, we have the expertise to help you secure a comprehensive Westchester County flood insurance plan. Depending on your needs and your home’s value, we will determine how much coverage you need to adequately cover your home.

Contact us today for more information. (888) 639-4560

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