Ways to Purchase Flood Insurance

Purchasing flood insurance can feel like a daunting process. If you are required to carry flood insurance or simply desire the protection that it provides to your investment in Croton Falls, NY, contact Carminucci Agency. They can explain the process of buying flood insurance. 

Purchasing Through the National Flood Insurance Program 

The National Flood Insurance Program was created by the government to provide affordable flood insurance, particularly in higher-risk areas. NFIP is sold through licensed insurance agencies and is not available for direct purchase from the government. An NFIP policy will have the same premium no matter which agent you purchase it from because the NFIP board sets the rates. However, where you buy flood insurance is still essential. If there’s a claim, your insurance company will be processing it, not the government agency. 

Purchasing Private Flood Insurance

Insurance companies may also choose to offer their own flood insurance policies. The premiums will differ from the NFIP. The NFIP program limits property coverage to $250,000. Private insurance often allows for higher coverage limits. Private policies may be unavailable or costly if you live in a high-risk area. 

Do I Need Flood Insurance?

In New York, you are required to have flood insurance if your home is in a FEMA flood zone, and you have a federally underwritten mortgage, like FHA. The other circumstance is receiving FEMA disaster assistance in the past. However, most homeowners choose to purchase a flood insurance policy even if it isn’t required. Floods are the most common natural disaster in the U.S. 

Flood Insurance in New York

If you live in Croton Falls, NY, contact Carminucci Agency for your flood insurance needs. Buying flood insurance is often necessary, but it doesn’t have to be complicated. Our experienced agents will explain your coverage and the risk of flooding in your area.