This October it will be two years since Super Storm Sandy hit our region and left a path of destruction in its wake. Even today people are still dealing with the aftereffects of the storm and the havoc wreaked upon their lives. The economic losses have been staggering.
It’s always after an incident occurs be it a robbery, injury or natural disaster that people decide to take a look at their insurance, and Super Storm Sandy was certainly the impetus for many people to explore their flood insurance options.
I’d like to provide clarity on this issue so let’s start with some of the basics:
What is flood Insurance?
Flood insurance is the specific insurance coverage that protects property owners against loss from flooding. The flooding can be brought about by a hurricane, landslide, earthquake or any other “natural” disaster than can cause the flooding condition.
Does my homeowner’s policy cover flooding?
Unfortunately a standard homeowner’s policy DOES NOT cover flood damage and this was just one of the many problems that came to light for homeowners that were impacted by Sandy. You MUST have a separate flood insurance policy or you will have to cover flood damage costs on your own.
How do I buy flood insurance?
It’s a very good question and trust me, we received many calls post-Sandy from clients asking this very question. You need to find out if you live in a community that participates in the National Flood Insurance Program and you can do so here.
To buy a policy you should contact your insurance broker (hopefully that’s us!) and the agent can explain exactly what you must do and the costs involved.
Do I really need to think about flood insurance since I’m not in a flood zone?
You don’t have to live in a high-risk flood zone to experience a financial impact due to flooding. All it can take is one big storm and you may find your home highly vulnerable to flood conditions. The climate changes that we are currently experiencing makes it necessary for all homeowners to explore their tolerance for risk and make a decision about whether or not they want to have coverage.
The best decision that you can make right now is to call your agent and discuss your unique situation with them. It’s complicated and the guidance that you can receive from an insurance expert will help you to avoid mistakes and financial vulnerability in the future.
If you want more information or need further assistance with a free quote or insurance evaluation please don’t hesitate to contact me at (516) 605-0437.
