flooding downtown

Congratulations if you said floods.

In 2012, the state of New York had almost 53,000 insurance claims for floods resulting in more than three billion dollars. Add in flood damage in New Jersey and Connecticut, two other states we have branches in, and those flood insurance claim numbers go up substantially. If you are in a high-risk flood area, you are twice as likely to experience flood damage as a fire. However, business, homeowners, or renters insurance policies do not cover damage from floods. While the entire country is at risk for floods and flood insurance should be on your radar, if you are in a high-risk zone for floods, it’s even more important to discuss your flood insurance needs with your insurance broker.

Hurricane Sandy was a precursor to the flood maps being updated. In 1983, only 218,000 residents of New York City lived in a high-risk flood zone. Updates after Sandy in 2012 moved that number up to 398,000. This doesn’t count any of the other areas along the east coast that were affected. Over 650,000 homes and 300,000 businesses experienced damage, many of it from flooding.

“New York had almost 53,000 insurance claims for floods resulting in more than three billion dollars”

Even if you live in a high risk area, you can still purchase flood insurance for your home or business. If you don’t have flood coverage currently, there is typically a waiting period of 30 days. It’s recommended that people who live in a low-risk flood zones purchase flood insurance as well. Flood insurance generally only covers structural damages, floor destruction, debris clean-up, and damage to your furnace or HVAC system. You should ask your insurance broker about flood insurance that protects your personal property, i.e. the contents of your home.

Whether you own or rent, you need additional insurance in case of flood. Don’t risk your home or business by not having adequate insurance. You cannot rely on disaster assistance to provide the cleanup after a flood. Federal disasters are only declared in about 50 percent of incidents involving flooding. If you have received federal money after a flood disaster, you are required to purchase insurance to remain eligible for assistance.

Floods are the number one natural disaster in the United States, and there are many resources that can help you access your individual risk for a flood damage. To talk with one of our flood insurance specialists, contact us here.

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