Flood insurance is becoming more and more expensive
Just a few days ago the National Weather Service issued a flash flood watch for Long Island. Now you don’t have to be right on the coastline to be at risk. In fact low-lying areas and places that have inadequate drainage could experience the most flooding. When you consider that floods are the number one natural disaster in the US, you realise that you can ill afford not to have flood insurance. And you don’t have to live in a flood zone to be at risk. As much as 25% of flood damage occurs outside specifies flood zones.
Storm surges in Freeport can result in severe flood damage. During heavy downpours many parts of Long Beach could suffer flood damage. Super storm Sandy damaged many waterfront properties and homes in Long Beach. The Town Board of Hempstead stated in an article about flood zones that there is real potential for loss and destruction of properties from flooding and erosion.
Flood insurance is a special type of coverage that is not a part your normal homeowner’s policy. You have to get separate flood insurance to protect your financial interests in the event of a flood. Most insurance companies won’t right flood insurance policies in risky areas due to the severe losses from the past. Even the Federal subsidised flood insurance program is cash strapped and heavy increases in premiums are on the horizon.
So how much flood insurance do you need and what are your options? Flood insurance just gets more and more expensive so you really should seek professional advice about this. The best answer will be to consult with a flood insurance expert such as Denis Miller. This way you can be confident that you will get the flood insurance that is right for you and your property.