Using the services of an independent insurance agent will almost always result in lower prices, as their expertise is especially effective in tailoring your policies when shopping for flood insurance. Midland Insurance Agency, Staten Island’s most experienced insurance agency, may be able to offer you flood insurance quotes 20-30% lower than brokers in another area.
Floods can happen anywhere, at any time. Staten Island residents who live in and outside of a high-risk area should know their risk, and consider protection.
Two Types Of Flood Insurance Coverages:
NFIP's Dwelling Form offers coverage for:
1. Building Property, up to $250,000, and
2. Personal Property (Contents), up to $100,000.
We encourage you to purchase both types of coverage. Your mortgage company can require that you purchase a certain amount of flood insurance coverage for a dwelling.
Most of the time it either a replacement cost of the dwelling of a maximum coverage available under NFIP, which is $250,000.
For information about specific limits of coverage and deductible, refer to a Declaration Page in your Flood Insurance Policy or contact us directly.
Choosing the amount of your deductibles is an important decision. As with car or homeowners insurance, choosing a higher deductible will lower the premium you pay, but will also reduce your claim payment.
You can normally choose different deductibles for Building Property and Personal Property coverage. The deductibles will apply separately to Building Property and Personal Property claims. Your mortgage company can require that your deductible is no more than a certain amount. In Staten Island it usually not more than $5,000 for 1-4 residential dwellings.
Review the Declarations Page in your flood insurance policy for amounts of coverage and deductibles. Talk with us about raising or lowering deductibles.
We advise our customers to keep your receipts. While you are not expected to keep receipts for every household item and article of clothing, do try to keep receipts for electronic equipment, wall-to-wall carpeting, major appliances, and other higher cost items. Your adjuster will be able to process your claim more quickly when you can prove how much items cost at the time of purchase.
How Flood Damages Are Valued
The value of flood damage in the Dwelling Form is based on either Replacement Cost Value (RCV) or Actual Cash Value (ACV).
1. Replacement Cost Value (RCV) is the cost to replace that part of a building that is damaged (without depreciation). To be eligible, three conditions must be met:
a. The building must be a single-family dwelling, and
b. Be your principal residence, meaning you live there at least 80 percent of the year, and c. Your building coverage is at least 80 percent of the full replacement cost of the building, or is the maximum available for the property under the NFIP. (For example if you insured your house in Staten Island and replacement cost of your house is $200,000 then your coverage should be minimum $160,000. If replacement cost of your house is more than $250,000 then we advise to purchase maximum coverage available, i.e. $250,000).
2. Actual Cash Value (ACV) is Replacement Cost Value at the time of loss, less the value of its physical depreciation. (For example if you insured your house in Staten Island and replacement cost of your house is $200,000 then your coverage should be minimum $160,000. If you decide to purchase lower coverage than at the time of loss the value of flood damage will be lower due to physical depreciation).
Some building items such as carpeting are always adjusted on an ACV basis. For example, wall-to-wall carpeting could lose between 11-15 percent of its value each year, depending on the quality of the carpeting. This depreciation would be factored in the adjustment. Personal property is always valued at ACV.
Protect your home, family, and property all year long from the debilitating threat of floods with proper insurance coverage from Midland Insurance Agency. Whether you live on the South Shore, Westerleigh, or Travis, Staten Island residents trust this property insurance company. Call (347) 702-7912 to quest a free quote on flood insurance today!