Flood insurance in New York, for homes, apartments and rentals
Flood insurance covers water damage from rising water: storm surge, overflowing rivers and creeks, and heavy rain that pools faster than it can drain. Around New York City, that risk is not limited to beachfront homes. Basements in Queens, ground-floor apartments in Lower Manhattan and houses on Long Island and in Westchester can all take on water in a bad storm.
Gordon Companies is an independent, family-owned brokerage that has worked out of Midtown Manhattan since 1968. We help you understand your flood risk, compare federal and private flood options where they are available and fit the policy alongside your home coverage. You will speak with a real person, not a chat bot.
Why your home policy usually does not cover flood
Most standard homeowners, condo and renters policies exclude flood. That means a separate flood policy is usually the only way to insure against it, whether you own a house, an apartment or a rental property.
Flood coverage is generally available through the National Flood Insurance Program (NFIP) or through private flood insurers. Each works a little differently, and the better choice depends on your property and what you need covered.
What a flood policy can cover
- Building: the structure, foundation, electrical and plumbing systems, furnaces, water heaters and built-in appliances
- Contents: furniture, clothing and other belongings, usually as a separate coverage you choose
- Debris removal and some steps taken to protect the property from an approaching flood
Where coverage is often limited
- Basements and areas below the lowest elevated floor, where coverage for contents and finishes is often restricted
- Temporary living expenses, which many flood policies do not include
- Vehicles, which are typically covered under the comprehensive part of an auto policy instead
Flood risk in the New York area
New York has a long coastline, tidal rivers and a dense city where storm drains can be overwhelmed quickly. A few points we discuss with most clients:
- Flood zones change. FEMA updates flood maps over time, and a property’s zone can move up or down. A low- or moderate-risk zone does not mean no risk.
- Lenders may require it. If your home is in a high-risk flood zone and you have a federally backed mortgage, your lender will typically require flood insurance.
- Apartment owners have a stake too. The building may carry its own flood policy, but your belongings and improvements usually need separate coverage. Our condo and co-op insurance page explains how the pieces fit together.
- Rental and second homes. Investment properties and vacation homes on the shore are often more exposed than a primary home. We can coordinate flood with a specialty dwelling policy for rentals.
Do not wait for the forecast
NFIP policies typically have a 30-day waiting period before coverage starts, with limited exceptions such as some purchases tied to a new loan. Private flood policies may have different waiting periods. Buying coverage once a storm is on the radar is usually too late.
How we shop your flood coverage
We look at your property’s flood zone, elevation and construction, then compare available NFIP and private options. For homes with higher values, private carriers may offer higher limits than the federal program, and some high net worth programs can add excess flood coverage.
What affects the cost
- Flood zone and the property’s elevation relative to expected flood levels
- Construction, foundation type and whether there is a basement
- Building and contents limits, and the deductibles you choose
- Prior flood claims and any mitigation such as flood vents or elevated utilities
Questions we hear about flood insurance
Do I need flood insurance if I am not in a flood zone?
It is not required, but flooding happens outside high-risk zones too. Heavy rain, blocked drains and storm surge do not follow map lines, and coverage outside high-risk zones can be more affordable.
Does flood insurance cover my basement?
Partly. Many flood policies cover essentials like furnaces, water heaters and electrical panels in a basement but limit coverage for finished walls, flooring and belongings stored there.
Can renters buy flood insurance?
Yes. Renters can buy contents-only flood coverage for their belongings. It is worth considering for ground-floor and garden apartments.
Is water from a burst pipe a flood?
No. Water from a burst pipe or an appliance inside your home is generally handled by your homeowners, condo or renters policy, not a flood policy.
Related coverage
Get a flood insurance quote
Tell us about the property on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. A real person will check your flood zone, compare options and explain what the policy does and does not cover.
