Things You Might Not Know About Flood Insurance
Flood insurance is often misunderstood, and many homeowners don’t realize its importance until it’s too late. Hughes Associates, Inc. provides flood insurance in Howard Beach, Queens, NY, Arverne, Ridgewood, NY, Breezy Point, Woodhaven, NY, and surrounding areas.
These are some lesser-known facts that could help you better understand flood insurance and why it matters.
- First, standard homeowners’ insurance doesn’t cover flood damage. Many assume that their regular insurance policy protects them from all natural disasters, but floods are typically excluded. To protect your property from rising waters, a separate flood insurance policy is essential.
- Second, flood insurance isn’t just for homes in high-risk flood zones. Even if you live outside a designated flood zone, approximately 25% of flood insurance claims come from low-to-moderate risk areas. Floods can result from flash storms, overflowing rivers, or even broken water mains, making flood insurance valuable for nearly any homeowner or business owner.
- Third, there is usually a 30-day waiting period before coverage takes effect. If you buy flood insurance today, your property likely won’t be covered for any flood-related damage that occurs within the first 30 days. This means you can’t wait until a storm is approaching to purchase a policy—you need to plan ahead.
- Another important point is that flood insurance covers both the structure and contents, but policies may have separate deductibles. You may need to carefully review your policy to understand what’s covered, such as furniture, electronics, and personal belongings, versus just structural damage.
- Finally, flood insurance is backed by the National Flood Insurance Program (NFIP), but private flood insurance options are growing. Depending on your property, private insurers may offer more competitive rates or higher coverage limits than NFIP policies.
Understanding these lesser-known aspects of flood insurance can help you make smarter decisions and avoid costly surprises when disaster strikes. Planning ahead is key—because once the waters rise, it’s often too late to get proper protection. Want to discuss this further? Contact us.
