When it comes to floods, there are many unknowns. This natural disaster could or could not destroy your property. But instead of rolling the dice and hope you will be safe, it’s better to secure yourself with flood insurance from Genesee Valley Agency of Arkport, NY.
But is flood insurance mandatory? Why do I need flood insurance? If you are having such questions about flood insurance, keep reading for insights.
Is flood insurance mandatory?
If you live in a high-rise house in New York, you can safely do without flood insurance. However, for most New Yorkers, flood insurance is necessary, if not required.
For starters, if you live in a flood-risk area and a federal-regulated lender finances your home, you must buy flood insurance. But even if this is not the case, you still need flood insurance to protect your home and loved ones.
Why do I need flood insurance?
The sad bit about flood insurance is that it’s not covered by home insurance. Most homeowners are usually disappointed when they learn that they will incur out-of-pocket repairs when floods strike, even though they have a home insurance policy.
Given this reality, it’s imperative to purchase flood insurance from private insurers or National Flood Insurance Program (NFIP). This coverage protects your building and its contents when floods strike.
Additionally, flood damage can be expensive. According to FEMA, a one-inch rise in water levels can cost above $25,000 in repairs! Fortunately, you can avoid these costs by purchasing flood insurance.
Buy flood insurance today!
Given that anyone is at risk of floods, it’s a good idea to purchase coverage from Genesee Valley Agency. This way, you don’t have to shudder every time the weatherman mentions a looming windstorm. You will sit nicely in your cozy Arkport, NY home, knowing that your insurer will cover flood damage.