If you don’t reside in a designated flood area in New York, you may be wondering why you should consider getting New York City flood insurance. If you look at recent statistics you will see that many areas in New York and surrounding states have been flooded over the past few years. Not all of these areas were restricted to flood zones. Rather than simply gambling that your home will remain intact, you may want to be on the safe side by purchasing flood insurance.
Many insurance companies provide flood insurance plans through the NFIP, or National Flood Insurance Program. While this insurance will basically cover the damage caused by floodwater to the actual home structure, it doesn’t usually cover the personal property inside the home. This is why many insurance companies offer enhancements to this coverage and also work with other markets to provide additional alternatives.
The type and amount of New York City flood insurance you purchase will depend quite a bit on the value of your home. If you have a more expensive home you may want to consider the purchase of excess flood insurance to increase the upper limits of the coverage.
The best thing to do is to discuss your needs with an insurance agent to determine not only your risk of being flooded, but the kind of coverage that is available to you. Protect your home and its contents from the ravages of flood water by getting flood insurance.