Flood insurance is not something to ignore the need for in many cases. If you own real estate that is located in a high-risk flood zone, protecting it from these financial risks can be difficult to do. There is no doubt that having proper property insurance is necessary. It protects the value and usability of your property. Yet most property insurance, including home insurance and commercial property insurance, does not include flood coverage. Because floods are very high risk, separate policies are often necessary to safeguard from this risk. Do you need it?

Who Needs Flood Insurance?

Take a look at your existing property insurance policy. Does it provide for flood protection? Many times, it will not. In fact, most policies will include floods as an exclusion, a type of peril that is not protected under the policy. Yet every year, millions of dollars in flood damage occurs, and it happens everywhere. You do not have to live in a high-risk area to be impacted by flooding. This showcases the need for most property owners to maintain adequate flood insurance even as a rider.

Do you need coverage? Will it benefit you? Consider the following tips:

  • First, use the Federal Emergency Management Agency’s website to help you to determine what your flood zone is. You may be able to order a map as well. The maps showcase what flood zone your property is in. This will greatly influence the amount you can expect to pay for flood insurance.

  • If you are in flood zones B, C or X, your property likely qualifies for standard coverage. This coverage is less expensive because the risks of extensive flooding in these areas is less.

  • If you are in flood zones A or V, you can expect to pay more. These are higher risk areas, therefore warranting additional costs.

  • Some communities meet the National Flood Insurance program preferred rates. You can find this out by contacting your flood insurance agent or your local government officials. If you are in this area, it is less expensive to reduce costs.

The good news is that flood insurance is often available even in high-risk areas. And when it is purchased, it can be one of the most valuable tools available to protect your property.

We’ve got your back. Call Ten Eyck Group at (518) 464-0059 for more information on Albany flood insurance.

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