Reasons To Consider Flood Insurance in Brooklyn and Dumbo, NY

Posted by jnrinsurance on November 9th, 2022

The assumption that one's locality will never be flooded is a costly mistake many Americans make. Statistics tell a different tale, however. It is astounding to learn that almost 99% of counties across the USA suffer from devastating floods and water damage regularly. It, therefore, makes sense to consider buying flood insurance in Brooklyn and Dumbo, NY, along with homeowner's insurance coverage. The reasons for getting two different insurance plans are simple enough. Traditional home owner's insurance does not cover flooding, usually making it essential to buy a separate plan.

Forgoing this coverage can be catastrophic, especially when floods wreak havoc in the area damaging almost everything. Not many Americans are aware of this type of insurance policy and do not attempt to learn about it since they consider themselves safe and protected. It is necessary to garner information related to flooding and insurance coverage so one can make an informed decision when buying appropriate coverage. Some of the associated facts of flood insurance are:-

Salient Points about Flood Insurance

· The flood insurance policy covers one's home and possessions against flood-related damages

· Maximum residents prefer buying the insurance policy from the "National Flood Insurance Program (NFIP)." However, one may opt to buy it from the private marketplace as well

· The insured person can file a claim in the aftermath of storm surges, overflowing rivers & streams during the storm, and flash floods.

· There is no right or wrong way to buy flood insurance, though. Knowing there is a 30-day waiting period for the NFIP insurance plan is essential. Claiming damages during this period will not be effective. The private carriers may also have a waiting period, but the time is often very short, with many companies requiring no waiting period.

· One can file a claim with the concerned insurance company when the dwelling, attached structures, and possessions are lost or damaged by the flood. The compensation will be provided according to the coverage limit. NFIP provides the total sum stated as the coverage limit for food claims. A few insured individuals find it effective to buy additional flood coverage from private insurance carriers to have more money handy in the aftermath of a flood.

What Insurance covers

The policy covers the dwelling and personal possessions, such as furniture, clothing, and appliances. It is important to remember that NFIP caps the dwelling coverage at 0,000 and personal property at 0,000. Any additional expenses would have to be out-of-pocket costs. Buying another flood insurance from a private carrier makes sense, as the amount received after filing the claim can pay for the excess expenditure.

What does flood insurance not cover?

· Water damage due to burst pipes

· Personal possessions that were not inside the dwelling structure during floods

· Mold & Mildew that are preventable and easily remedied

· Car Damage

Buying home insurance in Jersey City and Brooklyn, NY, needs to be considered before opting for specialized coverage to compensate for natural disasters.