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Buying Flood Insurance in NY Is Confusing…
You might be asking:
• What coverage do I need?
• How much is flood insurance in New York going to cost me?
• How much can I save?
It’s okay, your search for cost-effective NY flood insurance that doesn’t compromise on coverage ends here.
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Meet The Flood Nerd™
Your NY Flood Expert, Friend, and Guardian
In 2015, Robert Murphy, inspired to help homeowners and businessowners alike, entered the insurance brokerage market with one goal in mind: To help uncertain NY homeowners find affordable, high quality flood insurance that doesn’t compromise on coverage.
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We Find You Great NY Flood Insurance Coverage
While Saving You Up To $1,457+ A Year!
What you seek is:
Enhanced security for your New York Property.
Significant savings.
Absolute freedom.
Unwavering certainty.
Memorable moments.
Quality family time.
Peaceful travels.
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2
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Our team scours insurance companies nationwide to instantly present the best coverage & rate options for your needs.
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If you’re happy with the coverage options, you can sign up easily directly from our online portal.
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Get Better Flood Insurance NY
Get Cheap Flood Insurance without Compromising Coverage
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★★★★★
"Same Coverage at a Better Rate"
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Flood Nerds will shop the private flood insurance markets and then compare them to the NFIP, guaranteeing you the better option. We will send you the cheapest flood insurance rates within minutes.
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★★★★★
"Quick Response, Very Knowledgable"
– Robert W
Paying for low-cost flood insurance is awesome. And letting the Flood Nerds shop your property has other benefits – you can get better coverage while saving money, and you can get it fast.
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★★★★★
"Would highly recommend Better Flood for your flood insurance needs."
– Varun K
Better Flood Insurance is an independent flood insurance broker that shops flood insurance ONLY. Flood Nerds are Flood insurance experts. We have 5000+ happy clients and 390+ 5-star reviews.
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Does my New York homeowner insurance cover flooding?
Does my New York homeowner insurance cover flooding? This is a crucial question for many residents of the Empire State, where NY flooding and New York flood are not just terms but significant realities due to its unique geographic and climatic conditions. A typical New York homeowners’ policy, whether it’s underwritten by companies like Farmers, State Farm, Allstate, or Progressive, usually excludes flooding. This exclusion is vital to understand given the diverse landscape and weather patterns across New York State that increase the risk of floods.
New York’s geography varies from the coastal regions of Long Island to the mountainous terrains of the Adirondacks and the urban sprawl of New York City. Each area faces different flooding threats; coastal storms can lead to surge flooding along Long Island and New York City, while rapid snowmelt in the mountains can trigger flooding in the northern and western parts of the state. Additionally, the state’s numerous rivers and lakes are prone to overflow due to ice jams in winter and heavy rains during other seasons. These varied risks make flooding in New York a significant concern for property owners.
In most cases, the only way to secure protection against these unpredictable natural events is through a stand-alone flood insurance policy. Homeowners might wonder if it’s possible to add an endorsement to their existing homeowners’ policy to cover flooding. However, it’s essential to set realistic expectations, as the answer is often no, given the high risk and potential damages associated with flooding in regions labeled as NY flood zones. Understanding the inherent risks and the limitations of typical homeowner insurance in regions prone to flooding is crucial for all New Yorkers looking to protect their homes and financial future.
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Do I need flood insurance in New York?
Flood Mapping and Flood Insurance Requirements in New York
In New York, the necessity of having flood insurance cannot be overstated, given the state’s exposure to various flooding risks from coastal surges, river overflows, and urban runoff. Understanding and navigating through New York’s flood zone maps is essential for every homeowner. The NY flood map and New York State flood zone map are critical tools provided by FEMA and local authorities to help residents identify their property’s flood risk.
New York’s flood maps are continually updated to reflect changes in geography, urban development, and climate patterns. These updates are crucial as they inform residents of their current flood risks, which can change due to factors like new construction that alters land use and water runoff patterns. For example, areas once deemed low-risk might now be considered at higher risk due to increased pavement that prevents natural absorption of rainwater.
It is important for homeowners to consult the latest NY flood map to understand if their properties fall within designated flood zones, dictating whether flood insurance is a necessity or an optional safeguard. This is especially true in light of recent changes that have seen previously safe areas now facing increased flooding incidents. Being informed about these zones and ensuring your insurance coverage reflects current data is a proactive step in safeguarding your property against the unpredictable nature of flooding in New York.
Residents are advised to review these maps regularly and discuss with insurance agents the best coverage options available. Despite the possible safety implied by being outside high-risk zones, it’s important to remember that flooding can and does occur outside these areas. In fact, a significant percentage of flood damage happens in locations not traditionally expected to flood, which underscores the importance of comprehensive flood insurance coverage for broader protection.
This section of your page will help clarify the importance of accurate, up-to-date information from New York’s flood zone maps and encourage residents to take appropriate steps to protect their homes and businesses from the potential devastation of flooding.
New York State flood zone map
If your home or business is in a flood zone, that is considered a low flood-risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.
I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. 80 percent of these individuals had water in their homes or building and didn’t have flood insurance coverage.
In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.
We often hear that people believe the government will help, which is true. However, a few things must align for you to get government assistance.
1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.
2 – Homeowners’ average amount of assistance after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes as a loan, and you will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?
One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.
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New Your flood map
Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within New York, and you should consider getting flood coverage so you are not uninsured when you need it most.
FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.
The average cost for New York flood insurance in these Low-risk areas is $595 per year.
FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these New York flood insurance maps to assess risk, set premiums and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.
How much is flood insurance in New York? Who is the best private flood insurance companies in NY?
New York NFIP flood insurance.
There are many options available in New York regarding flood insurance, but they fall into two main categories.
The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.
1 – The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.
Not “private flood insurance” but NFIP Resellers
Suppose you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below. In that case, you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
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New York private flood insurance market
There are alternatives to the NFIP or government insurance. It is called Private flood insurance, most notably Lloyd’s of London Flood insurance. However, there are other options available in New York. We shop all the options for your property in your region to ensure you are getting the best premium. Please click here if you are ready to have us do the work for you.
Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.
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Lloyd’s of London Flood Insurance New York Market
New York has many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.
Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company but a corporate body. This structure works well since it has been around for over 330 years. Lloyds operates under multiple financial backers pooling their capital to spread the risk.
I have two blog posts that deeply dive into Lloyds of London and what they mean to New York’s flood insurance market. If you are interested, the links are below.
Lloyd’s of London Flood Insurance
Fema vs private flood insurance market
Lloyd’s also insures the world with flood insurance, meaning they cover flooding events in India, Australia, and much of Europe. The “game” of insurance is to spread your risk since Lloyds is worldwide.
My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.
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How much does flood insurance cost in New York?
Many factors go into getting the cost of flood insurance for New York. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.
New York flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.
This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below):
NFIP Maximum Coverage Limits
The average cost for flood insurance in New York with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in New York depends on many factors that are unique to the structure. We will try to give you an idea of the most common homes we see in New York with a basement foundation.
We will look at the New York cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.
We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in New York.
Cost of Flood Insurance in NEW YORK in high-risk flood zone AE
Our example is New York City, but the premiums will be the same if in Freeport, Rye, New Rochelle, Amhearst, Southampton, and many other New York flood ones.
Map of flooding in New York City
In our example, the Base Flood Elevation (BFE is 10.0 ft) is a home that is built before 1973
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