Flood Insurance Protection for Your CNY Rental

If you own a rental property in Central New York, you want to protect it from natural disasters. Flooding is a common and expensive disaster. It can damage your building and your tenants’ belongings. Flood insurance can help you recover from the financial impact of a flood and give you peace of mind.

But not all flood insurance policies are the same. Your policy should cover your building and your contents. It should pay claims fast and fair. It should also follow the rules of the National Flood Insurance Program (NFIP), which FEMA runs.

That’s where Horan comes in. We help property owners like you get flood insurance for their rental properties in CNY. We know how to write these policies for CNY businesses. We also know the flood risks and rules in our area. We can help you find the best policy for your needs at a competitive price.

In this article, you will learn:

• How flood insurance works
• Why you need flood insurance for your rental property in CNY, and
• How to find the best flood insurance policy for your needs

How Does Flood Insurance Work?

Flood insurance pays for damage from floodwaters. Floodwaters are water that covers dry land and affects at least two acres or two properties. Flood insurance pays for the repair or replacement of items such as:

• Your building and its foundation
• Electrical and plumbing systems
• Heating and cooling systems
•  Appliances
• Furniture and clothes
• Electronic devices

Flood insurance also covers the cost of flood cleanup and debris removal. This can help you deal with the mud and mess left by the flood. Flood insurance won’t pay for damage from other things, like sewer and water backup. For that, you need a different type of insurance or an endorsement on your landlord policy.

For more on what flood insurance is and what it covers, read our companion article on this subject.

How Flood Zones Factor Into Your Flood Insurance Policy

Your flood zone affects the kind of flood insurance you need. A flood zone is an area that has a certain risk of flooding. Some flood zones have a high risk, and some have a low risk. The higher the risk, the more coverage you need.

You can find your flood zone on a flood map from FEMA. To learn more about flood zones and flood insurance, read our article If I’m Not in a Flood Zone, Do I Need Flood Insurance?

Why Flood Insurance is Necessary for Your Rental Business

If you own rental properties in CNY, you want to protect them from floods. It doesn’t matter if you have one house or many houses and rental units. They’re important for your business. You should consider what will happen if a flood or a flash flood hits one of your properties.

Imagine this. You own a rental property in CNY. You have a nice family living there. They pay their rent on time and take good care of the place. One day, a heavy rainstorm causes a flash flood in your area. Your property floods with water and mud. The damage is severe.

Your tenants have to leave and look for another home. They can’t wait for you to fix the property. They have kids, pets, and jobs. They need a place to live now. So you lose your tenants and your income. And you don’t have flood insurance to cover the damage. You have to pay for everything yourself.

How will you afford it? How will you find new tenants? How will you protect your property from future floods?

This is a nightmare scenario that could happen to any rental property owner in CNY. But you can avoid it by getting flood insurance. It can help you pay for the repair or replacement of your property. It can also help you cover the loss of rent while your property is uninhabitable. This is coverage that can save you from financial ruin.

You may think of floods as big disasters that affect massive areas like cities and big towns. You may see aerial footage on the news and feel sorry for those affected. But most floods are not like that. Most floods are small and quiet. They only hit a few properties. But they still cause a lot of damage and pain.

They ruin your home, business, and belongings. They can happen without any warning. You should protect yourself from these floods, which can take everything from you in a flash.

And don’t expect FEMA to come to the rescue for four affected homes. Having your own flood insurance is essential. It beats waiting in line. Also, a flood policy isn’t too expensive. It’s well worth the cost to protect your investment and rental property.

Flood Insurance Can Restore Your Business

Floods can happen anytime, anywhere. They can destroy your rental property and your income. You can’t rely on your landlord insurance or FEMA to help you. You need flood insurance to protect your investment. It can also pay for your lost rent while you fix your property. Flood insurance can make a big difference for your business.

Don’t think that floods won’t happen to you. And don’t wait until it’s too late to get needed coverage. If you’re ready for a free quote, click the Get a Quote button below. We can help you find the best flood insurance policy for your rental property.

Want more rental property insurance insight? Read our article explaining how to avoid liability issues and promote tenant safety.