What should I know about flood insurance?

file0001140363225One of the most detrimental natural disasters that can happen to a property is flooding. A major flood has the potential to destroy everything in its path and can be incredibly costly. What many people don’t realize is that floods are not covered by insurance companies and they must purchase separate flood insurance. Many people are wary about spending the extra money on flood insurance but on average it costs less than $60 a month for homeowners in New York.

Homeowners can purchase up to $250,000 in flood insurance that provides coverage for structural damage and damage to air conditioning units, furnaces, water heaters, and the cleanup of flood debris. You should be aware that your personal property is not covered under the standard policy but homeowners are permitted to purchase an additional policy that covers up to $100,000 of personal property damage. Renters should be aware that even if they have a renter’s insurance policy, flooding is not covered so you may want to purchase separate flood insurance as well.

Businesses can obtain more flood insurance than a standard homeowners flood insurance policy will cover. Business owners can purchase a policy that covers a maximum of $500,000 of damage as long as the business is in a non-residential building.

It is vital that you file a claim immediately after a flood occurs in your home or business. If you believe your insurance company is not valuing the extent of the damage properly, you should consult with an insurance law attorney who can work with a public adjuster to help you obtain the amount of coverage you are entitled to.

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.