Spring time is the time of year when we frequently get a lot of questions about flood insurance. With Hurricane season just around the corner, people start thinking about all of the what-if's when it comes to a flood. Many people believe that they are automatically covered for flood by their homeowners insurance, but that isn’t the case.
Flood insurance is completely separate from your homeowners policy. If you have a mortgage, then your lender may require that you carry flood, but that only applies if you live in a flood zone.
What is considered a flood? By definition a flood is a sudden rush of water that affects two or more adjoining properties. So if a hydrant suddenly bursts and gushes onto you and your neighbors property, this could be considered a flood.
What if you don't live in a flood zone? You can still get flood coverage, even if you’re not in a flood zone. Actually the good news is that if you are not in a flood zone many times you can purchase the maximum amount of coverage for LESS than $450 per year to cover both your home and your contents.
Keep in mind you don't have to be near a large body of water either. When Irene hit the Hudson Valley, New York in 2011, the areas that flooded were near small streams and rivers. Areas that never flooded in 30+ years were suddenly submerged under 3 feet of water. When Super Storm Sandy hit Long Island, water rose and came inland over a mile and a half from the shore. Just because you live in an area that has never flooded, doesn't mean that it won't or can't. If you’ve seen water rise in your area in the past, then it’s especially a good idea to look into it. You can check your area at the National Flood Insurance Program's website.
Here’s what you need to know. First, flood coverage cannot be started immediately. Because it is a federal program, it requires a 30 day wait period before it becomes effective. That means that once the storm hits, and the water is rising, it’s too late to get covered!
There is an exception to this rule however, if your mortgage company says you live in a flood zone and therefore are required by them to have flood insurance, we can place the coverage without a waiting period.
If your mortgage is paid off, it’s even more important to look into flood coverage. You see, many people don’t realize they are at risk until a flood hits! Without required coverage on your mortgage, you might be unaware too. The worst time to realize you are not covered, is when a flood hits and you realize you have no coverage for the hundreds of thousands of dollars of damage.
Find out today how inexpensive a flood policy can be! Give us a call today at 888-565-2212 or visit us online to get a free, no obligation Flood insurance quote and review your risk with one of our team members. We specialize in flood insurance as well as auto, home and business insurance in New Windsor, New York, and Long Island.