NFIP option in New York Flood Zone AE
NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
NFIP Annual premium in High-Risk flood zone is $3,721.00
This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.
New York Private flood insurance – Lloyd’s of London Flood Insurance (option 1)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 1) Annual premium in High-Risk flood zone is $894.89
This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.
New York Private flood insurance – Lloyd’s of London Flood Insurance (option 2)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 2) Annual premium in High-Risk flood zone is $956.23
This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks; however, they do not write any property in a designated floodway or have a depth of -4 under the BFE. In our example, with our BFE being 10.0 ft, they will not accept this risk if the lowest floor is 7.0 ft. They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, that will need to be added.
Private Flood insurance option (option 3) NOT Lloyd’s
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
The annual premium in a High-Risk flood zone is $2,497.46
This option will take properties that have had one flood loss for more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP. They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.
Private Flood Insurance – Lloyd’s of London (option 4)
This option must be written on the building’s Replacement Cost Value (RCV). Otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option.
Coverage of $250,000 (RCV) building coverage, No Contents, and a $5,000 deductible
The annual premium in a High-Risk flood zone is $774.69 (great price).
This options rating system is all over the board. Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, slightly different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premiums. As mentioned before, these underwriters’ rates are all over the board. It is worth shopping to ensure we get you the best premium possible. They don’t need an elevation certificate to rate.
Private Flood Insurance – Lloyd’s of London (option 5)
Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible.
The annual premium in a High-Risk flood zone is $1,043.91
This option came from the company running the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses which will cover your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this). They also offer a unique swimming pool clean-out, so ask for this coverage if you have a pool.
Private Flood Insurance – Lloyd’s of London (option 6)
Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.
The annual premium in a High-Risk flood zone is $585.83
This options rating system is also all over the board. Sometimes we get a crazy low price; other times, the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years or sometimes they jack the price way up, so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also sometimes seems to be a glitch.
Our next group contains Watervliet, Wellsville, and Binghamton, New York, where the premiums add up to $696,528. The policies here, number 622, allow the average flood rate to be $1,100.
Next up is New York City, New York! Hello New York City! You all have the highest number of policies in the state at 54,097 policies in effect. The premiums in New York City total $57,514,218, which causes the average flood rate to be $1,063.
The average flood rate is $975 in Chenango, Conklin, Johnson City, and Union, New York. These areas have a combined 1,045 flood policies with $1,018,377 in premiums.
Vestal, New York, has 514 active flood policies with $402,204 in flood premiums. The average flood rate in Vestal is $782.
Let’s study another cluster of areas: Gowanda, Portville, Horseheads, Norwich, Cortland, Walton, East Fishkill, Fishkill, Poughkeepsie, and Wappinger, New York, where the number of flood policies totals 1,643 with $1,928,367 in written premiums. The average flood rate for these areas is $1,174.
The next areas we’ll look at include Moravia, Hanover, Elmira, Colchester, Hancock, Sidney, Hyde Park, and Lagrange, New York, where the average flood rate is $1,092. These areas have $1,087,568 in flood premiums, with 996 flood policies.
$851 is the average flood rate in Amherst, New York. Amherst has 923 active flood policies with $785,186 in written premiums.
The next cluster includes Buffalo, Cheektowaga, Clarence, Lackawanna, West Seneca, Ilion, Chittenango, Greece, and Henrietta, New York, where the number of active flood policies totals 1,412. The premiums here add up to $1,580,219, which allows the average flood rate to be $1,119.
The next group has an average flood rate of $1,601. This group includes Evans, Hamburg, Batavia, Windham, Sullivan, Chili, Gates, Irondequoit, and Penfield, New York. The premiums here total $1,489,805, with 1,404 in total active policies.
Six hundred nine flood policies are in effect in Atlantic Beach, New York. Atlantic Beach has $993,330 in flood premiums which allows the average flood rate to be $1,631.
The average flood rate rises to $2,028 in Bayville, New York. The number of active flood policies totals 790 with $1,602,074 in flood premiums.
$1,098 is the average flood rate for Cedarhurst and Glen Cove, New York. These two areas have 526 active flood policies with $577,780 in written premiums.
East Rockaway, New York, has 934 flood policies, with $1,165,817 in flood premiums. The average flood rate for East Rockaway is $1,248.
The average flood rate rises to $1,790 in Freeport, New York. Freeport has 3,368 active flood policies with $6,030,218 in premiums.
Twenty-two thousand seven hundred seventy-seven active flood policies are in effect in Hempstead, New York. Hempstead has an average flood rate of $1,071 which includes $24,392,115 in flood premiums.
Hewlett Harbor and Kings Point, New York, have an average flood rate of $1,016. The policies here number 446 with $452,940 in flood premiums.
Next is Island Park, New York, where the average flood rate is $1,406. The premiums here total $1,423,967, with 1,013 active flood policies.
The average flood rate drops to $778 in Lawrence, New York. Lawrence has 828 active flood policies with $644,417 in flood premiums.
Hello Long Beach, New York! You all have 7,961 flood policies with $10,113,780 in written premiums. Long Beach has an average flood rate of $1,270.
$670 is the average flood rate for Lynbrook and Manorhaven, New York. The premiums here add up to $259,239 with 387 active flood policies.
The average flood rate drops to $585 in Massapequa Park, New York. There are 436 flood policies in effect with $255,136 in written premiums.
Four hundred forty-eight policies are active in North Hempstead, New York. North Hempstead has $389,840 in flood premiums which allows the average flood rate to be $870.
Oyster Bay, New York, has an average flood rate of $1,201. The premiums in Oyster Bay total $5,479,098, with 4,561 active flood policies.
Let’s look at a few areas, including Rockville Centre and Sands Point, New York, where the average flood rate is $704. These areas have 364 policies in effect with $256,380 in premiums.
$874 is the average flood rate for Valley Stream, New York. There are 933 active flood policies with $815,644 in written premiums.
Our next group includes Woodsburgh, Kirkland, Whitesboro, Dewitt, Lysander, Manlius, Gorham, Deer Park, Kiryas Joel, Port Jervis, South Blooming Grove, and Washingtonville, New York where the number of active flood policies total 1,436. The premiums in these areas total $1,434,056, allowing the average flood rate to be $999.
Niagara Falls, Wheatfield, Cicero, Clay, Syracuse, Van Buren, Middletown, Monroe, Newburgh, Oneonta, Unadilla, Philipstown, and Rensselaer, New York, the average flood rate $1,033. The number of active flood policies total 1,814 with $1,873,635 in flood premiums.