Standard homeowners insurance does not cover flood damage to your home or belongings. Meaning – if you want financial protection against events like hurricanes, storm surges, and overflowing rivers or lakes, you need to purchase separate flood insurance.
According to the National Academy of Sciences, flood damage is expected to double every decade for the rest of the century. But despite evidence of increased flood risk, less than 7% of homes and only half of high-risk properties carry flood insurance.
If you live in a high-risk zone, known as a “Special Flood Hazard Area,” and have a mortgage on your home, you are likely required to have flood insurance. If you live in a moderate or low-risk area, flood insurance typically is not mandatory. However, no one is immune from these disasters. Flooding has occurred in every state at least once in the past five years, and the Hudson Valley has certainly experienced its fair share of flooding incidents. Also, if you purchase flood insurance now, and then your location is upgraded to a high-risk zone, your policy would be grandfathered in. That means your rates will slowly increase over time to adjust to the new zone, saving you on premium.
Benjamin Franklin once said: “By failing to prepare, you are preparing to fail.”
As your neighborhood independent agency, our top priority is protecting your assets and looking out for your interests. For more information on flood insurance, please contact us at 845-986-1177.
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