Which Primary Policies Can You Add Flood Insurance To?

Posted on December 30, 2024December 23, 2024 by admin

If you’re considering adding flood insurance to your primary policy, you have several options. These can be personal policies or policies for your commercial property.

Homeowner Insurance

Homeowner insurance is a standard primary policy for clients who want to purchase flood insurance. These policies cover damage from some natural disasters but not water-related ones. This is where flood insurance becomes essential to protect homes, buildings, and other structures on the property. This is also crucial for any properties that you rent out to protect the structure you own on the property.

Commercial Insurance

You want to protect your business property from water damage as a business owner. The standard commercial property damage policy covers some natural disasters, such as wind damage and natural fires. However, flood insurance only covers water damage and includes anything from floods to other storm-related damage. If you have multiple commercial properties, you will need to attach a policy to each one.

Renter Insurance

As a tenant, you may not be responsible for the damage done to a home you’re renting. However, at the time of the damage, your personal property in or on the property will need to be replaced. To have flood insurance for your personal property, you’ll need to have a renter insurance policy in place first to make a claim for any damages you incur.

Auto Insurance

To get flood insurance protection for your vehicle, you’ll need to have a primary auto insurance policy with full coverage before you can get flood insurance. Remember that your auto insurance will cover some natural disaster damages and situations out of your control, but nothing related to flooding or excess water damage.

If you live in the New York area and would like to add flood insurance to one of your policies, contact AW Burchell Agency Inc. today for more information.

Why All Homeowners Need Flood Insurance

Posted on February 28, 2024February 26, 2024 by admin

The Importance of Flood Insurance for Homeowners

As a homeowner, while you may be aware of the necessity for home insurance, you might underestimate the importance of possessing a flood insurance policy. Countless homeowners inadvertently overlook this vital coverage. If you currently lack a flood insurance policy, we urge you to contact us at AW Burchell Agency Inc. in New York to learn more.

The distinction between Home Insurance and Flood Insurance

Understanding the need for both policies is crucial. Contrary to popular belief, traditional home insurance does not cover flood damages. Therefore, a separate flood insurance policy is required for protection against this disaster. Without such coverage, flood damages could lead to staggering expenses that might not be manageable.

Flood Zones and Insurance

A commonly held assumption is that flood insurance is only mandatory for residents of flood zones. On the contrary, roughly one in every five flood claims are from non-flood zones, making it essential for all homeowners to hold such coverage. Flood zones refer to designated regions prone to regular flooding, however, they do not exclusively pertain to the areas at risk. In essence, any area is potentially susceptible to home-damaging floods.

Securing a Flood Insurance Policy

The National Flood Insurance Program strongly supports flood insurance. If you are considering obtaining a policy, we invite you to contact us at AW Burchell Agency Inc. in New York.

Does Flood Insurance Cover Renters?

Posted on April 11, 2023May 1, 2023 by admin

Yes. Just as the FDIC has your bank’s back up to $250,000, so does the National Flood Insurance Program up to $100,000. Renters’ personal belongings are covered under such a policy. The landlord’s homeowners policy wouldn’t cover renters’ personal belongings, which is the reason for renters’ insurance. Flood insurance just takes it one step further.

Renters should know before they buy a flood insurance policy their city’s risk analysis. For example, you should know if you live within or outside high-risk areas and plan accordingly. As another example, content coverage is standard, but what about boats, RVs, or ATVs stored near or on the property? Ask a representative of the AW Burchell Agency Inc. in New York about this.

Floodplain Mapping

The Environmental Protection Agency and the Federal Emergency Management Agency along with your local governmental offices provide homeowners and renters with floodplain mapping for their own analysis. Streams, creeks, and low-lying areas are mapped in addition to an assessment of how bad it will be when the water rises.

Recreational Vehicles

Since no government agency like the National Flood Insurance Program will replace your RV or other recreational vehicles in the event of a flood, it’s up to you to contact your local New York flood insurance agency for help. A policy will protect your personal belongings as well as the vehicle if it’s totaled.

Why Renters’ Insurance Doesn’t Cover Flooding

Renters sustaining water damage from plumbing leaks or a sump malfunction would have their belongings replaced under renters’ insurance. The vagaries of weather, such as torrential rains causing flooding or the blowing of stormy rains causing flooding, however, are out of the renters’ insurance question.

A separate flood insurance policy from AW Burchell Agency Inc. would protect your belongings from flood waters. Adding riders to your policy protects recreational vehicles parked on the property.