Flood insurance protects you for a significant amount of damage to the structure and/or personal property inside your home.
If a flood occurs then your flood insurance policy will pay for the damage to your property.
Many homeowners are unprepared for flooding. They reason that because they do not live on a coastline, or have waterfront property, that flood damage cannot happen to them. They’d be wrong. Floods can occur when excessive amounts of melted snow on a hillside enter the nearby homes at a lower elevation. Sudden rains can cause lazy rivers to overflow their banks, inundating properties as far as a mile away! Also across the country, aging infrastructures such as dams have been known to give way without warning, again, causing widespread damage to residences and downtowns alike. If you live along the East Coast, surely you have not forgotten hurricane Katrina in 2012 and the pounding the South Shore of Long Island and elsewhere sustained. It is always better to be safe than sorry. That is why you should speak to Grillo & Associates about what obtaining flood insurance on Long Island and flood insurance in New York might entail.
The first fact you’ll need to know is that most Homeowners policies do not cover flood damage. You will need a separate policy for the proper coverage. However, most flood insurance is written through the National Flood Insurance Program. Know also that it normally takes 30 days from the date of purchase for flood insurance to go into effect, so consider the hurricane season and the spring thaw as well as the possibility for a rainy summer season in your area. Therefore, you should not delay in purchasing this coverage.
Here are some more facts: Consumer Reports, states that only an inch of flood water in your home causes an average of $25,000 of damage. Also, according to FEMA, a flood insurance policy averages about $525 per year. What do you get for that? When you are considering purchasing flood insurance in New York, here’s an overview of coverages:
INSIDE:
Utilities/Systems: Included are electrical and plumbing systems, furnaces/heat pumps/sump pumps, water heaters, and HVAC. Additionally, it covers fuel tanks and stored fuel, solar energy equipment, water tanks, and pumps.
Home Appliances: Coverage includes refrigerators, stoves, dishwashers, washing machines, and dryers, portable window air conditioners, and freezers and their perishable contents.
Home Furnishings: Includes carpeting, window blinds and curtains.
Permanently Installed Features: Covers damaged kitchen cabinets and built-ins such as bookcases and wall units.|
Personal property: This includes clothing, furniture, and electronic equipment—though only if they’re not stored in the basement. Also, your policy will likely also cover items such as original artwork and furs, up to $2,500 in value. That’s right, flood insurance in New York will cover some, if not all your family heirlooms, of priceless value to you!
OUTSIDE:
Foundation Walls, and Attached Staircases: There is an exclusion for “loss caused directly by earth movement, even if the earth movement is caused by flood.”
Detached Garages: Up to 10 percent of your total building coverage may be used to repair/replace your garage, but that amount will be subtracted from the total amount of available building coverage.
Other Coverage: Some events are covered even if they’re not strictly floods, such as groundwater seepage and mudflow. For example, if a neighbor’s above-ground swimming pool collapses, causing the water to flow into your home, or a water main break that damages your home and at least one other in your neighborhood. However, damage caused by a sewer backup is covered only if it’s a direct result of flooding. This is another sound argument why suburbanites, especially those living in tract communities, should consider flood insurance on Long Island.
Flood insurance pays for structural and personal property damage/losses due to water inundation. This can be caused by coastal flooding during a severe storm, a river overflowing its banks, or excessive snow melt. Most homeowners’ policies do not cover flood damage so to be safe, i.e., consider flood coverage rather than be sorry.
As stated above, most homeowner’s policies do not provide flood coverage due to the elements. A leaking pipe or hot water heater, yes, but flooding caused by forces of nature, is not covered. A careful inspection of your homeowner’s policy will determine if yours is among the very few plans that encompass flood damage coverage.
The threat of flood damage exists year-round, from severe storms, snow melt,and an early onset hurricane season. Remember, it does not take a devastating storm to cause flooding- high water tables, poor property drainage, etc. can also create the ideal flooding scenario.
A standard flood insurance policy is generally available through the National Flood Insurance Program (NFIP). Homeowners, tenants, and business owners may purchase this coverage. Flood insurance coverage up to $250,000 is available to homeowners and coverage for damage to furnaces, water heaters, air conditioners, flooring, and debris cleanup. Home contents are not generally covered, but are available under an additional policy for coverage up to $100,000.
That is an excellent question. Flood insurance that is purchased through the National Flood Insurance Program (NFIP) will not go into effect until 30 days after the policy is purchased. If you have been thinking about obtaining flood insurance, now is the time to act.
Yes, you can. Being in a high-risk area is not the sole criterion for obtaining flood insurance. You may purchase flood insurance for your home or business regardless of whether your property is in a floodplain. Grillo & Associates can help you determine if your community participates in the NFIP. You can also visit www.floodsmart.gov to learn more.
Nearly 30% of homes and businesses that are within floodplain-designated areas of Long Island risk being flooded every year. Due to climate change, which is producing higher sea levels and stronger storms, Long Islanders are at a higher risk for flooding than elsewhere in the Tri-State.
Long Island is not only surrounded by water, but also has many harbors and inland waterways such as lakes, ponds, rivers, creeks, and streams. Long Island groundwater can also travel underground and percolate up onto properties and basements. Coastal erosion, especially on the Atlantic-facing South Shore, also poses a flooding threat.
First, determine the cause, and if it is safe to remain on the premises. Once the scope of the issue is determined, call your insurance company as well as the Disaster and Flood Recovery Service at 800-339-1759. Learn more at NFS.NY.gov. Grillo & Associates will provide the assistance you require to prepare and submit a claim, while the NFS offers guidance on how to restore your home or business if the unthinkable should occur.
Grillo & Associates’ representatives can advise you regarding your coverage needs. You can also sign up for your community’s warning system and be aware of the location of storm shelters near you should your home be flooded or lose power. Have an emergency bag packed, and be aware that September is the peak month for severe storms, so begin planning your preparations today!
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