With rising costs for just about every necessity, many consumers try to rein in their expenses by not considering carrying a flood insurance policy in addition to their homeowners’, business, or tenants’ insurance. In the five boroughs as well as on Long Island and NYC, flood coverage is essential, not just in high-risk areas by the coastline, where it likely is a requirement. At Grillo & Associates, a leading insurance brokerage serving the Greater New York area, our representatives advise that whether you reside in or outside the high-risk flood area, especially if you own property, purchasing flood insurance is a must. This type of coverage not only provides protection but also peace of mind against every contingency that an unexpected flood can cause.

It is a hard, cold fact: every property, even those on so-called higher elevations, can be vulnerable to flooding. For example, especially after a heavy downpour, percolation can cause groundwater to rise and damage and/or destroy possessions on your property and inside your home as well as cause damage to the structure itself. That is one reason, even if you reside in a highrise in NYC to have a flood insurance plan. Here are some other important reasons why having flood insurance is a necessity:

  • Homeowners’ and tenants’ insurance generally does not cover flood damage.
  • Homes and businesses located in high-risk flood areas, including some inland townships on Long Island, who have government-backed mortgages are required to have flood insurance.
  • Increasingly, especially for persons applying for mortgages for properties along Long Island’s South Shore, are being required by financial institutions to obtain flood coverage to secure their mortgage loans. This is true even for addresses that are located well-inland, or near in proximity to any waterways such as harbors, rivers, or lakes.
  • In the five boroughs, as well as on Long Island and NYC, a flood insurance plan will pay claims regardless of whether or not there is a Presidential Disaster Declaration. Certain policies, such as those provided by the Federal Emergency Management Agency (FEMA) will only offer a settlement if there is a disaster declaration.
  • There are two forms of federal disaster assistance: a loan that must be paid back with interest, or a FEMA grant, which generally averages about $5,000 per household. However, and this is the most compelling argument for those living in the TriState, especially NYC, to have flood coverage, in 2018 the average flood insurance claim was in excess of $40,000 per household.

Grillo & Associates, a leading insurance broker in the New York TriState, does not provide grim statistics as scare tactics, but as a sobering reality. Flood insurance can protect you, your home, and your possessions against the unforeseen and unthinkable (until it occurs). And, flood insurance from Grillo & Associates can be tailored to suit just about everyone’s budgetary requirements. Again, for those living in the TriState, especially NYC, having flood coverage has become a fact of life. Get the coverage you require from the agency you and your neighbors trust- Grillo & Associates.

Learn more by contacting our team today.