New York State is popular for its intensive coastal geography and being home to many rivers and lakes. While the numerous inland and coastal waterfronts make the state a beautiful destination for visitors, they put the residents at risk of flood damage should heavy rains, storm surges, or ocean overflow.
Steward Agency, Inc. offers our clients different flood coverage options in Elmira, NY, and other parts of New York. Visit us today for help and advice on the best flood insurance for your needs.
What Is Flood Insurance?
Flood insurance is a specific insurance policy that protects your property and belongings against flood losses. In New York, you are federally required to obtain flood insurance if you stay in a high-risk flood area, have a federally backed mortgage, or previously received disaster assistance for flood damage from the federal government.
However, that doesn’t exclude you from obtaining a flood policy if you live in low-risk flood areas. Remember, flood damage can occur even in low-risk areas, and your standard homeowners’ policy doesn’t cover flood damage. That said, you should obtain a separate cover to protect you against losses related to flood damage, lest you want to finance them from your pocket.
How Much Does Flood Insurance Premium Cost?
Flood insurance premiums vary depending on the provider, insured value, flood risk, and coverage options. For instance, homeowners in higher-risk areas should expect higher premiums than those in lower-risk areas.
Our insurance professionals will assess your property based on the above factors and advise you on the best flood coverage options.
Contact Stewart Agency, Inc for Flood Insurance
Obtaining a flood policy is a great way to protect your home and belongings from flood damage. If you need help choosing the best policy for your property, we are here to help. Please contact us or visit our Stewart Agency, Inc. office in Elmira, NY to learn more about our coverage options and how best we can protect your New York home.