Flood Insurance Update

IMPORTANT INSURANCE TIPS

With the 2021 Hurricane Season well under way, we would like to give you an update on the importance of having flood insurance.

Even if you’re not in a hazardous flood zone, or close to a body of water, your home can still be vulnerable to significant flood damage. “Surface runoff water,” or pooling caused by heavy rain, is also considered a flood. Almost every house has some level of flood risk, and most homeowner policies exclude the peril of flood.

Flood insurance provides coverage for damage from water entering your home from the outside.


Here is more information and steps you can take to help protect your home from flood damage:

1. Be aware of what flood zone your home is in.  If you’re unsure visit our website at www.amagengay.com for a free Flood Zone Analysis

2. Clean your gutters and drains regularly, direct all down spouts away from the foundation of your home.

3. Consider purchasing a flood policy to protect your home from flood damage, particularly if you have a finished basement

4. Unless you are in a hazardous flood zone and are closing on a bank mortgage, FEMA requires a 30-day waiting period to obtain flood coverage… so you cannot buy flood insurance as a storm is approaching.

5. In addition to FEMA’s flood policies, other options are available through private insurance carriers that can offer better protection for your home.

6. Consult with FloodFactor.com to gauge the likelihood of your home suffering flood damage.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

The Increasing Costs of Home Construction

IMPORTANT INSURANCE TIPS

Due to a number of factors, including skyrocketing lumber prices, the cost to build or renovate a home has increased dramatically over the past year. It’s important that you understand the implications of this before you decide to start a construction project. It’s also critical that you keep your homeowner insurance coverage up to date so your home is well protected.  Here are a few tips and things to be aware of:

1. If you’re considering building, be aware that some builders are slowing production in the face of exorbitant costs. Speak with several builders to get a sense of how long your project may take. 

2.  There may be significant delay in receiving many construction materials. Speak with your architect and builder to find out realistically how long the project may take and factor in extra time. 

3. Due to fluctuating costs of materials, some builders may not provide a fixed cost up-front and may prefer a contract based on time and materials.

4. Whether you’re building or not, speak with your insurance broker about the coverage for your home.  This is a good time to make sure your dwelling limit is adequate, especially if your policy does not include guaranteed replacement cost coverage.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com