With recent storms in New York, it may be time to consider flood insurance.
Everyone should know what coverage you get with a flood insurance policy, as it is a separate policy to homeowners insurance. Below, we have given a rundown of what flood insurance is and what it can cover!
Coverage
As with any other type of insurance, it is important to know what your policy does and doesn’t cover. Flood insurance can protect the building property, such as the foundation, electrical and plumbing systems, and built-in appliances, to personal contents property such as personal belongings and portable appliances. This protection is valid for flooding caused by storms, severe rain, water main break, but not a damage caused by moisture or mildew.
Deductible
A higher deductible will lower the premium you pay but it will also reduce your claim payment. If you have a mortgage, your lender may set a maximum amount for your deductible.
Requirements
Homes and businesses with mortgages from insured lenders located in a high-risk flood area are required to have flood insurance. While insurance is not mandatory if you live in a moderate or low risk flood area, it is still obtainable and strongly recommended.
Waiting Period
If a rainstorm is predicted within the next few days, you cannot apply for flood insurance and have it be active the next day. Typically, there is a 30-day waiting period from the date of purchase before your policy goes into effect. So, don’t wait too long to purchase this vital insurance!
To ensure that you have the proper flood insurance coverage within the Elmira, New York area, contact Perry & Carroll. Get smart protection for your home or business by contacting us today!