There’s something you should know: Homeowners insurance does not cover flood damage.
That’s why you need additional coverage on top of your homeowners or renters insurance to protect your home. Flood insurance in Long Island is a key part of your insurance arsenal.
Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment in case of flooding?
Option 1: Hope that you’ll receive Federal disaster relief if a flood hits.
Many people wrongly believe that the U.S. government will take care of all their financial needs if they suffer damage due to flooding. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property.
Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn’t offered, you’ll have to shoulder the massive damage costs alone. The bottom line is that if you’re looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer.
Option 2: Buy flood insurance and stay protected no matter what.
When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Flood insurance means you’ll be reimbursed for all your covered losses. And unlike Federal aid, it never has to be repaid.
In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood.
All homes are prone to flooding, even those that have never flooded before. Of course, some properties face higher flood risks than others. Depending on how your home stacks up against the risk of being flooded, your need for flood insurance might be significant.
That’s where we, as a leading insurance agency in Long Island, come in to help you realize your needs and guide you through the entire process!
Standard home insurance might cover you for household water damage that results from a burst pipe or similar incident. However, the unpredictability and astronomical costs of flooding related to river swells, storm surge, heavy rain or similar occurrences make it hard for home insurance to cover the risk. At this time, a separate flood insurance policy becomes necessary, not only in Long Island, but anywhere in the United States..
NFIP plans must comply with standards set by federal law. They offer two types of coverage:
NFIP plans will offer coverage up to the following limits:
There is also coverage for debris removal costs, loss avoidance and cost of compliance.
Many homeowners are required to buy flood insurance:
If you need flood insurance in Long island NY, talk to one of our agents to determine which flood insurance options are best for you. We recommend that you have your plan in place from the moment you close on a home purchase. We’re committed to working with you to ensure you receive the right benefits at the right time.
Flood insurance policies in Long Island are underwritten by the National Flood Insurance Program (NFIP). If you live in a community that participates in the NFIP, then you can buy an NFIP plan. You can buy NFIP plans both through major insurers and the NFIP Direct system. Non-NFIP plans are also available, though they are less common. After you have the coverage and flood occurs, you can make flood insurance claims based on your coverage.
Even an inch of water in your home can cause thousands of dollars in damage to both your dwelling and possessions. By filing a claim on your flood insurance plan, you will be able to receive compensation for these losses, and you won’t spend precious personal money trying to fix the damage.
Flood insurance cost in Long Island depends on your flood zone, property elevation, home value, coverage limits, and whether you choose NFIP or private flood insurance. In New York, average NFIP flood insurance costs are often around $1,300 per year, but your exact rate requires a property-specific quote.
Flood insurance usually does not cover damage from sewer backups unless directly caused by flooding, moisture or mold that could have been prevented, temporary housing, cars, landscaping, decks, or basement contents beyond limited covered items. Coverage also excludes money, valuables, and business interruption losses.
Yes. Flood insurance is still important in low-risk areas because flooding can happen from heavy rain, poor drainage, storm surge, or nearby water overflow. Many flood claims come from properties outside high-risk flood zones, and standard homeowners insurance usually does not cover flood damage. Whether you live in a low-risk area or high risk one like along the south shore, you need flood insurance.
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