Category: Flood Insurance

Are you planning to purchase a new home and wondering if you need flood insurance? This decision involves more than just personal preference. At Worthington Carroll Agency in Port Jervis, NY, we understand the complexities of these requirements, so let’s break down the factors that loan companies consider when determining the need for flood insurance.

Demystifying Flood Zones

The location of your home plays a pivotal role in determining the necessity for flood insurance. The Federal Emergency Management Agency (FEMA) classifies areas based on flood risk levels in its flood zone maps. In high-risk flood areas known as Special Flood Hazard Areas (SFHAs), lenders usually require you to purchase flood insurance as a condition of the loan.

Recognizing the Influence of Loan Types

The type of loan you apply for may also impact the requirement for flood insurance. Government-backed loans, such as those from the Federal Housing Administration or Veterans Affairs, often have strict requirements for flood insurance. Even if your property is in a moderate-to-low-risk area, you may still be required to have coverage to protect your investment.

Assessing Property History

Lenders might also consider the property’s history, specifically related to previous incidents of flooding. If a property has experienced flooding in the past, lenders may still require flood insurance, even if the current flood zone designation does not expressly mandate it. This precaution ensures protection for both the homeowner and the lender against potential future losses.

Safekeeping Your Investment

Understanding these factors can help you navigate the requirements for flood insurance more effectively. Knowing that your investment is safeguarded against unpredictable natural events offers peace of mind. For further guidance on flood insurance or to discuss your coverage needs, contact Worthington Carroll Agency, serving the greater region of Port Jervis, NY. We help you make informed decisions.

FEMA reveals that $25,000 of damage can occur from only one inch of floodwater. Most policies don’t cover it, though. What options do you have?

Research your options carefully when seeking flood insurance in Port Jarvis, NY. Worthington Carroll Agency understands the needs of people living in this region. We also help people secure financial protection if they experience commercial or rental property damage. 

The Types of Properties Flood Insurance Covers

The types of properties that flood insurance covers depend on your chosen policy. For instance, you can purchase home, business, or recreational vehicle coverage. 

Consider this, too: If you want to protect yourself from financial ruin if an automobile becomes flooded, consider that, too. Every property you insure usually requires a separate policy. 

If Renting, Not Owning 

Flood insurance is also available for people renting. However, don’t confuse flood insurance with renter’s insurance. They are not the same. Your renter’s insurance only covers your personal property, not the structure of the place you live.

(Covering flood damage to property you don’t own is usually not your responsibility anyway.)

What Flood Insurance Pays For 

One way to seek coverage is to request National Flood Insurance Program (NFIP) assistance. This will help you find information based on various factors, including flood frequency, storm surges, coastal erosion, and heavy rains. 

Typically, policies either cover the contents, the structure, or both. For instance, they may pay for cracked foundations, fried electrical wiring, or mold removal. However, there’s no guarantee unless you receive a proper assessment based on your policy needs. 

The NFIP coverage may provide you with enough peace of mind. If so, you can stop there.  However, if you need more financial protection than this FEMA service can provide, please talk to Worthington Carroll Agency. 

If you own a home in Port Jervis, NY, you are probably quite proud of your investment. One thing that you’re likely to do is to ensure that you properly protect your home. One way that homeowners properly protect their homes is by purchasing homeowners insurance. However, homeowners insurance has its limitations, and one thing that it doesn’t cover is flooding. This might lead you to wonder if flood insurance is required in New York. 

Flood Insurance is Optional

Flood Insurance is an optimal add-on. It can be very beneficial insurance to have because floods can cause a great deal of damage, and you never know when flooding might occur. Port Jervis NY is a high flood area, and forecasters are expecting major flooding in this area within the next 30 years. This is why it’s a very good idea to ensure that you add flood insurance to your homeowners’ insurance policy because it can save you a great deal of money and stress. 

Is Flood Insurance Expensive?

Flood insurance can sometimes be expensive, which is why we at Worthington Carroll Agency keep our rates as low as possible. We know how important it is for home and business owners to purchase flood insurance, so we try to make it high-quality yet affordable. It’s best to shop around before deciding on an insurance agency, so you can be sure you’re getting the best rates as well as the best coverage possible. 

Worthington Carroll Agency Is Here To Help

So, if you’ve decided that purchasing flood insurance is something you want to do to further protect your home, you should give us a call at Worthington Carroll Agency in Port Jervis, NY. One of our friendly and professional agents will be more than happy to provide you with a quote for any type of insurance you might be seeking.  

Floods can be a dangerous natural disaster, and it is important to take the necessary safety measures to protect yourself, your family, and your belongings. Here are some tips from us at Worthington Carroll Agency for staying safe during a flood here in the Port Jervis, NY area. 

Tips to stay safe during a flood

1. Stay Informed

Find out about the potential flooding in your area by monitoring local news and weather reports. 

2. Know evacuation routes

 Have an evacuation plan mapped out in case you need to leave quickly. Make sure all family members know where they should go in case of an emergency. 

3. Identify high ground

 Identify any nearby higher ground and have a plan on how you will get there if the water starts rising rapidly. 

4. Secure your home

Move belongings to higher levels or secure them using sandbags if possible. Unplug all electrical appliances as soon as flooding starts so they can’t be damaged by water or electricity. 

5. Wear protective clothing 

When evacuating or involved in the cleanup process, wear appropriate clothing like waterproof boots, gloves, and hats to stay safe from debris or contaminated water that could cause injury or sickness. 

Reach Out To Us

By taking these simple steps ahead of time, you can help ensure your safety and the safety of others during a flood event. For more tips, give us at Worthington Carroll Agency a call today. We are proud to serve the Port Jervis, NY area and would be happy to help you find a flood insurance policy that meets both your needs and your budget. So do not wait! Call today and get protected.