SCHENECTADY -- Residents facing flood damage from Tropical Storm Irene may be shocked to learn that few home insurance policies will cover the cost of repairs.
Homeowners and renters insurance will usually cover damage from high winds. But damage from rising and rushing water -- as seen in Irene-ravaged communities across upstate New York and New England -- is generally covered only by flood insurance.
And that's protection few owners or renters have.
Indeed, data from the National Flood Insurance Program show only 99 flood insurance policies in effect in the entire city of Schenectady, for example, at the end of June.
The coverage is apparently limited even in more flood-prone city neighborhoods like the Stockade, where waters rose in Irene's wake.
"Ninety percent of the neighborhood, I would say, does not have flood insurance," said Joe Fava , a longtime resident and Realtor who formerly headed the Stockade Association neighborhood group.
Capital Region residents who lack flood insurance would gain access to at least some help with Irene-related repairs if area counties are declared federal disaster areas. That would allow residents to tap grants and low-interest loans from the Federal Emergency Management Agency .
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Best bRenters Insurance/b – How You Can Shield Your Individual bHome/b b.../b
Best Renters Insurance – How You Can Shield Your Individual Home
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If you have the most effective renters insurance plan, then you’re given the assurance that your private belongings insurance coverage would be the very best too.
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