SCARSDALE, N.Y. -- Spring is here and that means we are ushering in the rainy season. The belief that flooding only occurs only in coastal areas is a myth, therefore homeonwers in all locations should be aware of potential water damage to their property.
There are many types of weather events which result in flooding; flash floods occur when there is intense rainfall that results in rapid flooding in less than a six hour time period. A flash flood has occurred in each of the 50 United States over the last 5 years. When a tropical storm rolls in, it's also time to batten down the hatches. High winds, tidal surges and pouring rain can cause lots of damage. Keep in mind, even if your primary residence or secondary home is not a water front property, damage from a tropical storm can wreak havoc hundreds of miles from the coast line.
When winter temperatures are higher than normal or spring comes early, melting snow can cause a large runoff of water in a short amount of time. With the ground still hardened, the water cannot be absorbed and has nowhere to go. Because of cold Spring temperatures, northeast is a prime candidate for this flood risk.
Although some homeowner policies offer limited coverage for water damage, it does not offer protection from flooding. Flooding is typically a standard exclusion on all home insurance policies.
Additionally, the National Flood Insurance Program (NFIP) is available to almost everyone. There is a 30-day waiting period before the NFIP policy goes into effect so it is wise to act before the threat of any flooding is on the horizon. The NIFP does not however, cover your furnishings, floor coverings, carpets, media systems or items in your basement, if the basement is below grade. It is unlikely here in the northeast, but if the flooding does rise up to the first floor, it would cover up to $250,000 for the house and $100,000 for the contents.
When deciding on the proper coverage, let Advocate Brokerage help. Advocate's staff can help fully understand your policy and plan a course of action. To learn more, set an appointment with your advisor to ensure you're getting the best flood insurance you can afford to will protect both you and your home.