Climate change has brought a host of changes to rainfall in Brooklyn, NY, with torrential rains occurring frequently. Federal flood maps have started to catch up with these changes, often reclassifying properties that had no flood risks into ones that do. These changes bring about significant flood insurance challenges to homeowners. VAC Insurance Agency can help you determine how to best protect your property.
Changes You May Face
For many years, properties in cities were not considered a flood risk. Nevertheless, increasing rains, aging stormwater systems, and harsher weather patterns have made many properties vulnerable. The biggest change you will face is you’ll have to pay more money for flood insurance. Just how much depends on what category your property moves into. The most common changes involve moving a property from a low-risk to a moderate zone, or into a special Flood Hazard Area. Both changes involve significant changes to your flood insurance policy.
You may face changes to mortgage requirements that necessitate buying a flood insurance policy. If you already have a flood policy, expect your rates to increase.
What to Expect
.Under the National Flood Insurance Program (NFIP), rates are no longer based solely on flood zone designation. FEMA now. Rates now must include risk factors such as the following:
- Your home’s elevation relative to flood levels
- Distance to the coast or nearest water source
- Your home’s structural characteristics
- Your home’s rebuild cost
Work with your agent to mitigate higher premiums. You may be eligible for a newly mapped savings discount. Other measures you can take include upgrading your home to help prevent flood disasters.
Change is never easy, but the agents at VAC Insurance Agency can help make the transition easier. Contact our Brooklyn, NY, office to get help with acquiring or changing your flood insurance policy.
