By: Hemanth Ramesh July, 30, 2019
Natural disasters have been a rare phenomenon in New York. However, in 2012, Hurricane Sandy flooded numerous streets, tunnels, and subways in many areas of New York.
According to the New York Department of Environmental Conservation, a $250,000 limit of building coverage along with a contents coverage limit of $100,000 is available for residential buildings with single families and a $500,000 limit is available for commercial buildings and its contents.
The National Flood Insurance Program (NFIP) provides flood insurance in the United States. NFIP’s preferred risk policy is offered at a low premium rate of $260 per annum for a coverage of $100,000 . About 25% of NFIP’s claims come from low-risk flood areas or moderate flood risk zones. NFIP’s flood insurance policies are also sold through New York’s private insurers backed by the Federal government.
According to data collected by Gavop from the Federal Emergency Management Agency (FEMA), property owners in New York can avail multiple discounts on theirs flood insurance policies by adopting the following measures:
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.