Flood Insurance

Flood insurance is a specialized policy that covers damage to your home and personal property caused by flooding. Unlike homeowners insurance, which excludes flood damage entirely, a flood policy protects against losses from rising water, storm surge, heavy rainfall, snowmelt, overflowing rivers, and other flood-related events. Policies are available through the National Flood Insurance Program (NFIP) as well as private flood insurance carriers. A standard flood insurance policy includes two types of coverage. Building coverage protects the structure of your home, including the foundation, electrical and plumbing systems, HVAC equipment, appliances, and permanently installed features like cabinets and flooring. Contents coverage protects your personal belongings, such as furniture, electronics, clothing, and other movable items. It is important to understand that flood insurance has specific coverage limits and exclusions. NFIP policies provide up to $250,000 in building coverage and $100,000 in contents coverage for residential properties. If your home is worth more than that, private flood insurance may offer higher limits. Our agents can help you determine the right amount of coverage for your situation.

Central New York is home to numerous lakes, rivers, and streams that create flood risk for properties throughout the region. The Owasco Lake watershed, the Skaneateles Lake area, and various creeks running through Cayuga County can overflow during periods of heavy rain or rapid snowmelt. Even properties that have never flooded before can be at risk as weather patterns become more unpredictable. Flood maps maintained by FEMA designate certain areas as high-risk flood zones, but these maps do not tell the whole story. Properties outside of designated flood zones account for a significant percentage of all flood claims nationwide. Urban and suburban areas can experience flash flooding when stormwater drainage systems are overwhelmed, and any property located near a low-lying area or body of water has some level of flood risk. Auburn and the surrounding communities in Cayuga County have experienced flood events in recent years that caused significant property damage. With changing weather patterns bringing more intense storms to the Northeast, flood insurance is becoming an increasingly important part of a comprehensive insurance plan for Central New York homeowners.

Gillespie Insurance Agency can help you obtain flood insurance through the National Flood Insurance Program or through private flood insurance carriers. We will start by reviewing your property's flood zone designation and assessing your risk level. If your property is in a high-risk zone, flood insurance may be required by your mortgage lender, but we recommend coverage for homeowners in all flood zones. The cost of flood insurance varies based on your flood zone, the elevation of your home, the type of construction, and the amount of coverage you choose. Properties in lower-risk zones often qualify for Preferred Risk Policies that offer lower premiums. Private flood insurance carriers may also provide competitive rates and higher coverage limits than NFIP policies. Remember that there is a 30-day waiting period for new flood insurance policies, so it is important to plan ahead rather than waiting until a storm is forecasted. Contact Gillespie Insurance Agency at (315) 252-0694 to discuss your flood risk and explore your coverage options. We are here to help you protect your home and belongings from the financial devastation that flooding can cause.