Flood insurance: 8 tips to keep your head and valuables above water

November 14, 2014

Any homeowner victimized by Super Storm Sandy knows that standard homeowner’s insurance doesn’t cover flooding. But FYI:


1. The National Flood Insurance Program offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP.  You should inquire.


2. In New York, nearly 1,500 communities currently participate in the National Flood Insurance Program.


3. There are two components to flood insurance. One covers the BUILDING after a flood, while the other covers the CONTENTS in the building after a flood. Almost all necessary home items are covered if damage occurs.


4. When it comes to getting reimbursed after a flood, you will either make a claim for Replacement Cost Value (RCV) or Actual Cash Value (ACV).  ACV is always used for personal property.


5. There is at least a 1 in 4 chance of flooding during a 30-year mortgage in high-risk areas.


6. If you live in a “High-Risk Area” for a flood, Congress has required you to purchase flood insurance.


7. If you live in a “Moderate-to-Low Risk” area, it is still a good idea to purchase flood insurance. 25% of all National Flood Insurance Program flood insurance claims are filed from moderate-to-low risk areas.


8. Even though it is not federally required, your mortgage lender may require you to carry flood insurance.


Written by Melanie Siben

Researched by Julia Spector













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