Flood Insurance Information For Consumers

Consumers information page

Welcome to the Flood Insurance Resource Center

While floods are the most common natural disaster in the United States, insurance coverage for losses from floods is for the most part not provided in homeowners or tenants policies.  Insurance for flood damages is generally available under a separate policy issued through the National Flood Insurance Program.

What is a flood?

A flood is an excess of water (or mud) on land that is normally dry. The National Flood Insurance Program (NFIP) defines flood to be a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area, or of two or more properties (at least one of which is the policyholder’s property) from:

• Overflow of inland or tidal waters;
• Unusual and rapid accumulation or runoff of surface waters from any source;
• Mudflow; or
• Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining, caused by waves or currents of water exceeding anticipated cyclical levels.

What is Flood Insurance?

Flood insurance is a special policy that is federally backed by the NFIP and available for homeowners, renters and businesses.

Homeowners

You may purchase flood insurance covering up to $250,000 of flood damage to your home. A standard flood policy will cover structural damage, including damage to the furnace, water heater, air conditioner, floor surfaces (carpeting and tile) and debris clean-up.

The contents of your home are not covered under a standard policy, but for an additional premium, you also may purchase flood coverage for up to $100,000 of damage to your personal property.

Coverage for basements, crawlspaces and ground-level enclosures on elevated homes is limited. If your home has these spaces, be sure to ask your insurance agent about any restrictions in your coverage.

Renters

Flood is not covered under your basic renters insurance policy. Talk with your insurance agent about your flooding risks to decide if you need flood coverage for your belongings.

Business owners

A flood insurance policy coverage will cover up to $500,000 on a non-residential building and its contents.

How Much Does Flood Insurance Cost?

According to Federal Emergency Management Agency (FEMA), the average homeowners flood insurance premium is approximately $500 a year.

Premiums for flood insurance will vary depending on your risk level for a flood loss, the amount of coverage you choose, the type of coverage you need and your deductible.

How Do I Buy Flood Insurance?

You can purchase flood insurance for your home or business regardless of whether the property is in a floodplain. Contact your insurance agent or company to find out if your community participates in the NFIP. You can also visit www.floodsmart.gov to get more information about your flood risk.

Plan Ahead: Flood Insurance has a Waiting Period

It is very important to plan ahead. A flood insurance policy normally will not go into effect until 30 days after you purchase the policy.

What Should I Do if My Property is Damaged Due to a Flood?

If you have a flood insurance policy, the first step to take is to begin the claim process by filing a claim with your insurance agent, broker or company.  The insurance company will send an adjuster out to review the damages and assess whether they are covered by the policy. 

If a federal disaster declaration is issued for the flood, you can also apply to FEMA for disaster assistance by registering online at www.DisasterAssistance.gov or by calling 1-800-621-FEMA (3362).  You may apply for this disaster assistance whether you have insurance or not. 

Finally, if you feel you have been treated unfairly by an insurance company, insurance
agent, broker or adjuster, or any other licensee of the New York State Department of Financial Services, you are urged to bring this matter to the attention of the Department of Financial Services by filing a complaint.  Please click on the following link for information about how to file a complaint: http://www.dfs.ny.gov/consumer/fileacomplaint.htm

Additional Tips

• Make a home inventory; i.e., a record of your personal property. Photos and video of your home, as well as sales receipts and the model and serial numbers of items, will make filing a claim simpler. In addition, add insurance information to your inventory information; i.e., the name of your insurance company and agent, policy numbers and contact information.
• Move all of your important documents to a safe location. Take them with you when you evacuate or store them in a safe deposit box outside the area.

Select the section link from the bullet set below to view appropriate information.

• Consumers Guide to Insurance for Natural Disasters (PDF format)
• Consumers Shopping Guide for Homeowners and Tenants Insurance
• Home Inventory Checklist (PDF format)

External Resources

NOTE: The following listings are links to external Web sites.

• Federal Emergency Management Agency (FEMA)

• Information on Federally Declared Disasters
• National Flood Insurance Program - FloodSmart.gov
• New York City Office of Emergency Management (NYC OEM)
• Main Web site
• "How to Prepare for Coastal Storms and Hurricanes"
• "Ready New York Flooding"
• New York State Office of Emergency Management (OEM)

Updated 11/28/2011