The easy answer to the question, “Do I need NY flood insurance?” is yes!
You do need NY flood insurance if you own property. It is your choice as to whether purchasing NY flood insurance makes financial sense or if you believe in the NY flood insurance product. But the truth of the matter is that a flood can happen anywhere, not just in traditional flood zones, as was the case with the Northeast US and Hurricane Irene this fall.
Many areas that had never seen significant water before were completely destroyed. A standard NY home insurance policy is not going to cover a loss resulting from a flood.
It’s important that you do not confuse NY flood insurance with water-backup and sump pump failure coverage, which is the result of water backing up into the house through pipes and drains. This coverage can be easily endorsed onto a NY home insurance policy.
Watch this video “Do I need flood insurance?” for more details:
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This is video #5 of a one hundred insurance video series that The Murray Group is producing to provide NY insurance consumers with quick, valuable answers to their everyday NY insurance questions.
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.