Flood insurance in New York: What you need to know

While 17% of New York homes are at severe risk of flood damage, only around 2% have flood insurance.

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Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.&Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Updated|3 min read

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The average cost of flood insurance in New York is $1,304 per year when purchased through the National Flood Insurance Program (NFIP). [1] But your own flood insurance rates may be lower or higher than the statewide average depending on your home’s location and risk of being flooded.

Compare flood insurance rates in New York

While flood insurance isn’t legally required in New York, your mortgage lender may require you to purchase a policy if you live in a Federal Emergency Management Agency (FEMA)-designated high-risk flood zone. New York homeowners can purchase flood insurance through the NFIP, which is a FEMA-backed program, or through private flood insurance companies.

Regardless of which flood zone you live in, you’ll want to make sure you’re finding the best flood insurance at the most affordable rate. For the best flood insurance policy comparison, consider comparing both NFIP and private flood insurance plans with Policygenius.

How to find out if your home is in a high-risk flood zone

To find out if your current or future home is in a high-risk FEMA flood zone and whether you’ll need to purchase flood insurance, consult the agency’s Flood Map Service Center

But for a more accurate reading into your home’s flood risk both now and in the future, consider using a more advanced flood risk model like Risk Factor — FEMA’s new method for determining the cost of flood insurance.

Compare flood insurance rates in New York

Is flood insurance required in New York?

While you aren’t legally required to buy flood insurance in New York or anywhere else in the country, if your home is one of the approximately 319,596 in a FEMA high-risk flood zone, your mortgage lender may require it as part of your loan agreement. 

But even if your house is only in a low- to moderate-risk flood zone, homeowners should still consider purchasing flood insurance protection. While only around 4% of New York homes are located in FEMA Special Flood Hazard Areas, or areas with a one in four chance of being flooded over the next 30 years, other flood risk projections estimate that as many as 17% of homes may be at risk. [2]

Here’s a look at the total number of housing units and the percentage of all homes in high-risk flood zones for each county in New York.

What does flood insurance cover in New York?

Flood insurance helps cover the cost of flood damage to your home and belongings. That means if your house is damaged due to flooding caused by heavy rainfall, a hurricane, high coastal tides, or any other sources of natural flooding, flood insurance can pay to repair or replace your property. 

A standard flood insurance policy through the NFIP comes with two main coverages that can be purchased together or individually.  

  • Building property coverage: Pays to repair or rebuild your house or garage if they’re damaged in a flood. The maximum building property coverage limit with the NFIP is $250,000, meaning that’s the most the NFIP will reimburse you for repairs, regardless of the damage amount.

  • Personal property coverage: Pays to repair or replace your belongings if they’re damaged in a flood. This includes your furniture, electronics, clothes, and any other items you own. The maximum personal property coverage limit with the NFIP is $100,000.

Each coverage also comes with its own separate out-of-pocket deductible, which is the amount you’re responsible for paying on each claim. Choosing a higher deductible will lower your flood insurance premium, but it will also reduce your claim payment.

Covered by NFIP flood insurance

  • Your home’s structure, including electrical and plumbing systems

  • Built-in appliances like refrigerators and dishwashers

  • Personal belongings like clothing, furniture, and electronics

  • Expensive valuables (up to $2,500)

  • Detached garages 

  • Debris removal

Not covered by NFIP flood insurance

  • Home or personal property damage caused by mold, mildew, or moisture

  • Currency, precious metals, and valuable papers

  • Belongings outside of your home, such as trees, plants, decks, hot tubs, etc

  • Any belongings in your basement

Flood insurance helps fill an important coverage gap

Most homeowners insurance policies do not cover water damage caused by flooding, so if you live in a flood-prone area, you should consider purchasing flood insurance to ensure your home and personal belongings are completely protected.

Compare NFIP & private flood insurance in New York

New York homeowners can buy flood insurance in one of two ways: through the NFIP, which is regulated and backed by the federal government and sold by insurance companies, or private flood insurance.

Private flood insurance policies typically come with higher reimbursement limits for your home and personal belongings. Additionally, they often include coverages and perks that aren’t available in the NFIP plan, including loss of use coverage to help cover the cost of lodging or restaurant meals in the event your house is badly damaged and you’re forced to evacuate; or replacement cost coverage for your personal belongings. 

Here’s a look at what New York residents can expect with NFIP and private flood insurance.

NFIP flood insurance

Private flood insurance

Building property coverage

Max of $250,000

Up to $15,000,000 depending on the company

Personal property coverage

Max of $100,000

Up to $1,000,000 depending on the company

Additional living expenses

Not included

Often included

Basement contents

Limited to wall fixtures, air conditioners, washer/dryers

Often covered

Deductible

$1,000 to $10,000

$1,000 to $50,000

Waiting period

30 days

As little as 0 to 10 days

Accepted by mortgages

Yes

Yes

Availability

56 states and jurisdictions

May be limited in higher-risk areas

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New York flood insurance companies

The best way to shop for flood insurance is to compare quotes from both the NFIP and private flood insurance companies. If you have homeowners insurance, then your provider may offer flood insurance via the NFIP or their own standalone flood insurance policy or coverage endorsement.

After analyzing data from the National Association of Insurance Commissioners, we found at least 7 companies that offer private flood insurance in New York. If you’re looking for better coverage or lower rates, consider getting quotes from one of the following companies. 

Company

Average annual cost

Assurant

$949

Bankers Insurance

$219

Chubb

$2,034

National General

$1,287

Neptune

$884

Trisura

$1,291

United Speciality Insurance

$1,144

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Our team of licensed insurance agents at Policygenius can help you compare policies and find the best option for you.

Compare flood insurance rates in New York

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References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Federal Emergency Management Agency

    . "

    Flood Insurance Data and Analytics

    ." Accessed December 06, 2023.

  2. Risk Factor

    . "

    Does New York have risk?

    ." Accessed September 21, 2022.

Authors

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

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