What is Flood Insurance and What Does it Cover?

Floods can cause devastating damage to your home and belongings, leaving you with costly repairs and emotional distress. In fact, flash floods occur frequently in the Central New York region, with an average of 34 events per year, due to heavy rainfall.

Whether you live in an area that is prone to flooding or not, you may wonder: what is flood insurance, and what does it cover?

Flood coverage is excluded from a homeowners policy. Therefore, flood insurance is a special type of policy that protects you from the financial consequences of flooding. It covers

1. the structure of your home
2. your personal property, and
3. some additional expenses related to the flood

However, not all flood insurance policies are the same, and you need to understand the terms and conditions of your coverage before you buy one.

That’s where we come in. We are a trusted and experienced CNY agency that specializes in residential flood insurance, particularly as it relates to our unique region. We can help you find the best policy for your needs and budget and guide you through the claims process if you ever experience a flood.

The Importance of Flood Insurance in Central New York’s Climate

Life in Central New York is beset with heavy rainfall at times. And our snow accumulation is nearly unrivaled. This combination can lead to rural lands being flooded after the thaw or residential neighborhoods facing a sudden deluge from a flash flood.

A flood insurance policy provides protection against financial losses caused by various factors such as intense rainfall, coastal storm surges, snowmelt, clogged storm drainage systems, and similar events. Unlike standard home or business insurance, flood insurance offers coverage specifically for flood-related damages.

It’s important to note that many individuals mistakenly assume that their existing insurance policies automatically cover flood damage, which can lead to a significant financial impact.

Through our insurance partners, flood insurance coverage is available for homes (including manufactured homes), apartments (extended to your personal belongings), condos, and businesses throughout Central New York.

What’s Covered By a Flood Insurance Policy in Central New York?

Flood insurance in CNY provides coverage for both your building and personal property, protecting you from the financial burden of damage caused by floodwaters. It offers comprehensive coverage for various items, including:

• A house and its foundation
• A commercial building and its foundation
• Electrical and plumbing installations
• Cooling systems, heating systems, and furnaces
• Household appliances, including washing machines, dryers, refrigerators, and stoves
• Personal belongings, such as clothes, furniture, and electronic devices

Following these devastating events, flood insurance not only provides coverage for flood cleanup, which can be a challenging task involving mud, but it also includes coverage for debris removal to alleviate your concerns.

According to FEMA, flood insurance provides coverage for damages that are directly caused by flooding. In other words, a flood occurs when there is an overflow of water on land that is typically dry, impacting at least two acres of land or two properties.

For instance, Lisa and Tom live in a house in Camden, New York. They have a storm drain in their backyard that connects to the village sewer system. One day, a big storm hits their area, and it rains non-stop for two and a half days. The storm drain can’t handle all the water, and it starts to overflow.

The water fills up their backyard and spills over to their neighbor’s yard. Lisa and Tom drive to the next town to check on Tom’s mother. Meanwhile, the water reaches the lower level. It destroys their furnace, hot water heater, and the finished area of their basement. Their next-door neighbor isn’t spared either.

After the storm, Lisa and Tom call their insurance agent. They find out that they have flood coverage for storm runoff. They file a claim, and the insurer pays for the damage.

How Much Does Flood Insurance Cost?

The cost of flood insurance in Central New York varies depending on whether you get it from the National Flood Insurance Program (NFIP) or a private insurer. The average cost of flood insurance through the NFIP in Central New York is around $108 per month or $1,304 per year.

However, the NFIP has limits on coverage amounts and may not offer enough protection for some properties.

Private flood insurance is offered by private companies that are not affiliated with the NFIP or FEMA. Private flood insurance may offer higher coverage limits, more flexible options, and lower premiums than the NFIP. However, private flood insurance may not be available in all areas or for all types of properties.

Flood insurance rates can also vary based on other factors, including the amount of coverage you choose, what you want to protect, and the flood risk associated with your property. To determine the exact cost for your situation, it’s recommended to reach out to an insurance agent.

If you’re considering adding flood insurance, it’s important not to delay. Whether you decide to work with the National Flood Insurance Program or another provider, there is typically a 30-day waiting period before your policy becomes effective.

But you can get a policy right away if you’re buying a new property or taking out a loan. Otherwise, you have to wait out the 30 days. This is because you can’t get a policy when there is a high chance of flooding from storms or hurricanes.

How to Find the Best Flood Insurance Policy for You

Flood insurance is a vital protection for your home, your belongings, and your financial security. Floods can happen anywhere and anytime, and they can cause devastating damage that isn’t covered by your regular home.

Flood insurance can help you recover faster and more fully after a flood by covering the cost of repairing or replacing your property and some additional expenses related to the flood.

As a Central New Yorker, consider getting flood insurance from the NFIP or a private insurer, depending on your needs and budget. Flood insurance is affordable, flexible, and easy to obtain, and it can make a huge difference in your recovery process.

Don’t wait until it’s too late to get flood insurance.

To get started, click the Get a Quote button below. One of our friendly insurance specialists will reach out to discuss your policy options. Whether you need a new policy or want to review your existing one, we’re here to help.

For a deeper dive into the world of flood insurance, read If I’m Not in a Flood Zone, Do I Need Flood Insurance?