Flood Insurance in New York

Many property owners are surprised to learn that standard homeowners’ insurance won’t cover flood damage. Don’t wait for the storm to hit — get your flood insurance quote today.

The basics of flood insurance

Although 90% of natural disasters in the US involve flooding, standard homeowner’s insurance does not cover flood damage. Flood insurance is a safety net for property owners, offering protection against the more severe types of water damage, including heavy rain, melting snow, and severe coastal storms.

Who should get flood insurance in New York?

In an area like New York, where floods can (and do!) cause extensive damage that isn’t covered by insurance or federal aid. Case in point: the flash floods that swept across New York in July 2023 caused overwhelming destruction in parts of the Hudson Valley and beyond, including areas designated as low or moderate risk. Hundreds of homes were destroyed, leaving uninsured homeowners desperate for help.

Here are three key reasons we encourage New Yorkers to get flood insurance:

Flood insurance requirements in New York — and everywhere else in the country — are based on flood maps created by FEMA. Nearly one-third of all properties in New York face a high risk of severe flooding within the next 30 years. If your property is one of those located in a high-risk flood zone, your mortgage lender will require you to buy flood insurance as part of your loan agreement.

Peace of mind

Even if FEMA doesn’t classify the area you live in as high-risk, it’s still a good idea to consider purchasing flood insurance. FEMA reports that over 20% of NFIP flood insurance claims come from properties outside a high-risk flood zone. At HCP, we supplement FEMA flood maps and state guidelines with our brokerage expertise to ensure you receive comprehensive coverage tailored to your property’s unique flood risk.

Increasing risks

According to FEMA, even if you live in an area with low or moderate flood risk, you are 5-times more likely to experience flood than a fire in your home over the next 30 years. Recent studies indicate that FEMA flood maps substantially underestimate the true risk of flooding in many areas, including in New York. Most flood insurance policies are comparatively affordable, so leaving things up to chance simply isn’t worth it.

What does a private flood insurance policy cover?

Most flood insurance policies are provided through the National Flood Insurance Program (NFIP), which provides basic flood insurance coverage for eligible properties. Because there are limitations to the standard NFIP policy, many New York property owners opt for supplemental flood insurance for added peace of mind.

Structural Coverage

In the event of flood damage, structural coverage pays to repair and rebuild your home’s physical structure — the walls, roof, etc. It’s important to note that some areas of your home, like the basement, are excluded from standard flood insurance policies.

Contents Coverage

Floods impact more than just your property itself. That’s why it’s important to safeguard what’s inside your home, too. You can purchase separate flood insurance for your furniture, appliances, electronics, and personal items. This ensures you won’t face devastating losses due to flood-related damage.

Supplemental Coverage

Because there are coverage limitations to NFIP policies, many New York property owners opt for supplemental flood insurance. For example, you may want supplemental insurance to cover additional living expenses while your home is being restored, such as hotel stays or temporary rentals.

Frequently asked questions about flood insurance

Here’s how HCP Insurance can get you covered

In 6 simple steps, you can have all the assets you’ve worked hard to acquire fully protected.

  1. Fill out an intake form to give us an idea of your coverage needs
  2. If we have any questions, we’ll follow up
  3. We’ll start researching the best options for your custom policy
  4. Once our research is complete, we’ll share the best options for your individualized needs
  5. You ask our trusted advisors any questions about the policies you may have
  6. Once you make your decision, we’ll get your coverage started immediately

All of these steps can usually be taken care of the same business day you reach out. If it’s outside business hours, we’re going to jump on this as soon as we can. You’ll get an email confirmation right after Step 1 is complete — always.

Don’t wait for a disaster

Make sure you’re prepared for whatever Mother Nature throws your way by securing flood insurance in New York.

Get a Quote

Helpful resources:

Visit our blog to see more!