New York Flood Insurance
According to FEMA, the top-ranked natural disaster that can occur in the United States is flooding. New York Flood Insurance, Inc., in association with National Flood Insurance, LLC, focuses exclusively on providing flood insurance policies in the state of New York, and strives to provide the best information and services to New Yorkers.
The goal of New York Flood Insurance, Inc. is to assist their customers with understanding flood insurance basics and to rectify common misconceptions.
The most common misconception is that flood insurance coverage is provided by homeowners insurance policies. Homeowners insurance policies DO NOT provide flood insurance protection, leaving many homes and businesses at risk.
The second most common misconception is that the cost of flood insurance coverage is too pricey. As low as $129 a year is enough to obtain flood insurance if your home or business is located in a FEMA-determined low-risk zone.
The third most common misconception is the belief that flood insurance is not a necessity if a home or business is in a low-risk flood zone. Just because a home or business is located in a low-risk flood zone does not mean flood damage can't or won't occur. The plain truth is that anywhere that receives rain or snow can also flood.
The flood insurance specialists at National Flood Insurance, LLC, the parent company of New York Flood Insurance, Inc., have extensive knowledge of current National Flood Insurance Program (NFIP) legislation and flood insurance. They work as direct representatives of FEMA and process flood insurance policies through the NFIP.
For a free consultation regarding flood zone determinations, flood insurance quotes, and questions or concerns, call 1-888-900-0404. Protecting your material assets is important and getting caught without flood insurance coverage could prove to be costly. Please give us a call!
What is the history of the NFIP?
In response to growing concerns regarding flood preparation, the high expense of flood insurance, and dealing with the aftermath of floods, Congress passed the National Flood Insurance Act (NFIA) in 1968. This act established the National Flood Insurance Program (NFIP) which subsidized the costs of flood insurance, and helped strengthen construction standards to mitigate flood damage. During this time, the NFIP was part of the Department of Housing and Urban Development (HUD).
Fewer than 100,000 flood insurance policies were in force nationwide by early 1972. Later that year, a large swath of the eastern United States was devastated by Hurricane Agnes and suffered around $4 billion in damages. When Congress investigated, they discovered that very few structures carried flood insurance coverage, and this led to the passage of the Flood Disaster Protection Act (FDPA) in 1973. This act further amended the NFIA passed in 1968, and required buildings in identified flood hazard areas to carry flood insurance coverage as a condition for receiving federal disaster assistance in the form of disaster assistance and loans from FDIC-insured banks. Approximately 2 million flood insurance policies were in effect by the end of the 1970s.
Today, FEMA, housed under the Department of Homeland Security, is the administering authority for the NFIP, and there are over 5.6 million policies in effect nationwide.