Did you know that just a few inches of water in your home could cause thousands of dollars of damage? According to the National Flood Insurance Program, the average flood claim is an astounding $33,000. If you are one of the many who assume that their homeowner’s insurance policy will protect them from damage caused by flooding, you may be in for a big surprise. The average homeowner’s policy does not cover damage as a result of natural disasters like floods and earthquakes. That makes obtaining a New York Flood Insurance policy all the more imperative if you wish to safeguard your family from this financially devastating possibility. 

New York Flood Insurance is available to homeowners, renters, condo renters/owners and commercial renters/owners. Policy cost will depend on the value of your property, what is being insured, where it is located and if your region has an elevated risk of flooding. Keep in mind that you should obtain flood insurance well before the water starts to rise. Because policies normally take around 30 days to become activated, adding flood insurance to your financial portfolio as the weatherman forecasts an imminent disaster will do little good.

In addition to obtaining New York Flood Insurance, you can make sure you are prepared in the event of a natural disaster by creating a detailed inventory of your home and possessions. Including photographs and video of your property will ensure that your claim is handled expeditiously if and when the time comes. Consider keeping these records and other important papers secured in a waterproof/fireproof strong box. In the event your home is damaged or destroyed due to fire or flooding, having protected them will be a welcomed relief. In addition to securing your financial information, stockpiling food, water and medical supplies is also advisable. Being prepared in all areas in the event of a natural disaster is just smart practice.

For those who consider themselves at low risk of experiencing such catastrophes and decide to forgo purchasing flood insurance, the National Flood Insurance Program cautions that a quarter of all flood claims are made from policies assumed to have low to moderate risk. You are susceptible to flooding evening if you don’t live on the beachfront or near a body of water. Heavy rains fall, levees break and dams overflow. Just ask the hundreds of thousands of people who experience Hurricane Katrina; flooding happens. But with proper planning, preparation and coverage from New York Life Insurance, you will be sure to safeguard your financial future no matter what comes your way.