A flood is when there is excess water is in areas that are usually dry. Although the chance of a flood is a real possibility in many parts of the USA, it is not covered under standard homeowners and renters policies in New York (NY) and needs to be purchased separately. Depending on where you reside, the National Flood Insurance Program (NFIP), a federal program designed to assist communities, may be available. NY state is a member of NFIP. You can purchase NFIP flood insurance through private insurers like VAC Insurance Agency serving the Brooklyn, NY area.
You can purchase flood insurance for homeowners, tenants, or business owners. Flood insurance can provide coverage for the following depending on your policy type and wording – structural damage, including water heaters, floor surfaces, and after flood clean up. Check your policy if you have any buildings not attached to the main dwelling to make sure they are included. Renter’s should check if your landlord has this type of flood insurance cover in place. An additional flood insurance premium will allow you to insure the contents of your home. Flood insurance policies offer limited coverage for business owners on their business buildings and contents.
Flood insurance is normally an annual premium and has a 30 day waiting period and therefore requires preplanning. It is also important to note that your flood insurance premium is affected by your flood insurance risk based on floodplain maps and whether you live in a special flood hazard area.
Please don’t get caught out in a storm. It is worthwhile consulting with the qualified people at VAC Insurance Agency serving the Brooklyn, NY area, about your flood insurance requirements for your property. Contact them today!