“Everything old is new again” is an appropriate adage for recent severe weather events. Some recent local headlines include:
- “Long Island storm forecast: South Shore sees coastal flooding threat, wind gusts upward of 60 mph”
- “Tristate area bracing for severe thunderstorms, damaging winds as temperatures rise”
- “Large tree crashes down on Staten Island, blocks busy New Dorp street”
Remembering the 1930s
As we continue to celebrate our 100th anniversary, this month we reflect on the 1930s, and specifically, the “Long Island Express” hurricane that hit the East Coast in 1938.
According to the American Experience, produced by PBS:
“There was nearly total devastation on the beach along Dune Road at Westhampton, where only 26 out of 179 homes stood after the storm and most of those were uninhabitable. The 125-foot steeple atop the Presbyterian Church in Sag Harbor fell, as did hundreds of other steeples that day.”
This NY Currents video shares additional information and impactful images from the hurricane’s destructive path.
Learning from the past, the “Long Island Express” and of course, “Superstorm Sandy”, understanding flood and wind insurance has never been more critical for residential and commercial building owners.
The Critical Need for Specific Coverage
Flood Insurance: Most building owners know that flood insurance is vital, particularly in areas known for their susceptibility to floods. However, a crucial aspect often overlooked: not all water damage is considered a flood by insurance standards. For instance, if yours is the only property affected and located at the bottom of a hill, standard flood insurance may not cover it. Coverage typically requires that at least two acres or an adjacent property be similarly affected.
Wind Insurance: Wind insurance, while sometimes assumed to cover only dramatic damage like that depicted in movies, more commonly addresses issues such as trees falling on buildings. This type of damage, while severe, can be overlooked in policy considerations. The landscape of homeowners insurance is changing, where wind damage coverage can vary significantly and may include high deductibles or not be included at all, depending on the policy.
Customer Story
One Graf Insurance client, a homeowner in Seaford, NY, recently called specifically to say, “Thank you!” He went on to explain. “Every year I try to talk you into canceling my flood insurance. And you talk me into keeping it. Thank God, I kept it because those waters were up to my front door!” Despite his initial reluctance, he benefited immensely from maintaining flood insurance on our advice.
This story underlines the unexpected nature of disasters and the crucial safety net that appropriate insurance provides.
Policy Details and Regional Considerations
Insurance policies can be laden with exclusions and conditions that may not be apparent at first glance. For example, in New York City, a basement level that begins just two steps below grade might not have its contents covered under a flood policy. These details, critical to understanding what your policy actually covers, underscore the need for thorough reviews and discussions with insurance professionals.
The Changing Landscape of Insurance in Disaster-Prone Areas
The evolving dynamics of insurance affect areas prone to severe weather events, such as Long Island and Fire Island locally, as well as any coastal area. In response to increased risks, insurers might impose stringent conditions or opt not to offer coverage at all, leading to significant challenges for property owners.
The Role of Government and Insurance Frameworks
In the realm of government support for flood insurance, the Federal Emergency Management Agency (FEMA) plays a crucial role through the National Flood Insurance Program (NFIP). This program is specifically designed to provide insurance coverage to help property owners, renters, and businesses recover faster from flood damages. Importantly, NFIP works with communities that agree to adopt and enforce floodplain management regulations aimed at reducing flooding effects, which in turn can lead to reduced insurance premiums for policyholders.
FEMA also facilitates community involvement and provides resources through updated flood maps that help communities and individuals understand their risk of flooding. These maps are crucial for planning and are regularly revised to reflect the most accurate flood risk data.
For detailed information about the NFIP and the resources available through FEMA, you can visit their official site here: FEMA NFIP.
Conclusion: The Imperative of Informed Decisions
Effectively navigating flood and wind insurance requires more than just purchasing a policy. It demands a proactive approach in understanding the specific terms, conditions, and real risks to one's property. Building owners should engage with knowledgeable insurance professionals to ensure their investments are adequately protected against the unpredictable nature of natural disasters.
Please contact us for a complimentary review of your existing policy. Our team of experts will provide unbiased feedback and personalized recommendations to ensure your coverage aligns with your evolving needs and aspirations.
