New York faces high rainfall and flooding risks due to climate change. Those who live in basement apartments are highly vulnerable to flooding damage. Yet, most dwellings in the city are in the basement because they are more affordable than above-ground apartments. Only 5% of the above-ground units are within reach of anyone with an average salary. The rest of the income groups are concentrated in basement apartments or flood-prone areas. If you are a renter, you should be protected from the maximum damage by having flood insurance. Unfortunately, homeowners living in the floodplain can get this policy, but renters are barred. Still, check your location for eligibility if you are exposed to the risk of flooding.
If you don’t have it, you cannot save the cost of the damaged belonging through a basement flood insurance claim. So, look at content coverage. Landlords can get their property covered by flood insurance. Let’s delve into this area a little more.
Considering Flood Insurance
A tenant can study the lease to understand whether the property is in a floodplain or has previously suffered flooding damage. It’s best to opt for flood insurance in any of these situations. Some people check maps to see if their area is at risk of storm surges and flooding. Maps can also indicate if your locality is exposed to stormwater flooding during high rainfall. Nevertheless, investing in flood insurance is still intelligent, especially if you live in the basement.
The Reason to Take Flood Insurance
Why should one buy flood insurance when renters insurance is already there? Before this, you have to figure out one thing. Does renters insurance cover flood damage? Typically, these policies don’t pay for flooding damages. However, you can approach the same company to get a separate policy. If they also don’t provide, you may visit another company for it. As a renter, you can benefit from this policy. If your belongings are damaged in the basement flooding, you can redeem your losses through claims for electronics, fridges, original paintings, furniture, ACs, washing machines, clothes, etc. The reason for flooding can be anything from tidal flooding to storm surge triggered by heavy rainfall.
Additional Information
Flood insurance cannot cover cash currency, vehicles, or anything outside the apartment. Policy terms are often stricter for basements and other underground floors. Suppose your computer or furniture is damaged in the flooding. You may not get anything from your flood insurance for these. Mold, mildew, moisture, and groundwater damages may also not be compensated. However, flooding caused by sewer backups can help you claim damages. You can get that endorsement if your renters’ insurance offers additional coverage for drain or sewer backup-related damages. Do you worry about insurance costs? FEMA-based policies can cover a maximum of USD $100,000 in content damages based on location, building age, foundation type, proximity to water, etc. The type of coverage you buy will eventually determine your cost, along with other factors mentioned above.
One of the easiest ways to deal with basement flooding damage is to hire a restoration and repair contractor. These contractors handle the entire process, from insurance claim filing to property renovation. Search for local help.