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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:

  • An elevated home with the first floor elevated 3 feet above the base floor elevation (BFE) can help homeowners save as much as 60% or more on annual flood insurance premiums. An elevation of one foot above BFE earns homeowners an annual discount of about 30%.


  • Homeowners who are part of a community enrolled in a community rating system (CRS) can earn discounts that are based on community efforts to reduce the risk of flooding.
  • Refraining from storing equipment or machinery (i.e., electrical, heating, air conditioning equipment) below the BFE level could lower flood insurance premiums.
  • Proper flood openings or vents (e.g., garage doors and windows don’t count as flood openings) contribute toward reducing premium rates.


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Hemanth Ramesh

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.