The ins and outs of flood insurance.
Your questions about flood insurance, answered.
As your trusted source for flood insurance on Long Island, NY, we are dedicated to educating our clients with everything they need to find the right flood insurance policy.
- Dwelling (building) and personal property (contents coverage) are bought separately. Each coverage will have its own separate deductible.
- Damaged contents are not covered unless you opt in to purchase personal property coverage.
- Flood Insurance is a required type of insurance coverage that needs to be purchased if obtaining a mortgage in a high-risk flood zone.
- According to FEMA, just one inch of water in a home can cause $25,000 in damage.
- The National Flood Insurance Program (NFIP) provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions, but you can obtain more than that with private flood carriers and excess flood insurance policies.
What is flood insurance?
Flood insurance is a specified type of insurance that protects the dwelling structure and personal property against flooding. The source of this flood can be an overflow of inland or tidal waters (any excess of water on land that is normally dry) and affects two or more properties.
Doesn’t my homeowners insurance cover me for flood?
No. Flood damage is not covered by your home insurance policy. Homeowners insurance policies will only cover water damage related to plumbing systems and water back-up or overflows (like frozen pipe bursts, for example).
What is an elevation certificate and when do I need one?
An elevation certificate is a document that specifies a building’s lowest height of elevation, flood zone, and other characteristics. This is used to help determine flood premium rates.
If you are in a high-risk flood zone, you will likely have to obtain FEMA’s certificate for your property in order to buy flood insurance.
You would also want to obtain an updated elevation certificate if you were to make significant changes to your home’s elevation (such as raising your home), as you potentially could be looking at lower flood rates if it changes your home’s lowest point of elevation.
Am I able to purchase flood insurance without being mandated by my mortgage company to purchase it?
Yes—anyone can purchase flood insurance. However, if your mortgage company doesn’t require it and you still purchase it, the insurance premium will not be paid out of your escrow account, you will pay it directly to the carrier.
What does FEMA stand for?
FEMA, or the Federal Emergency Management Agency, is a federal agency that functions to prepare for, prevent, respond to, and recover from natural disasters.
Why buy flood insurance?
Regardless of your flood zone, all residences are at risk of flood damage. Over the last five years, every state has experienced flooding and more than 20% of these claims were from properties outside of high-risk zones.
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