According to the National Flood Insurance Program, the average flood insurance claim over the past decade is $33,000. Since home insurance policies don’t cover flood protection, the only way to protect your home from flooding is by getting flood insurance through the NFIP.
If you are trying to determine the insurance rate you should pay on your home, the following steps should make it easier for you to find a reasonably priced premium.
Locate Your Home on Federal Flood Insurance Maps.
The Federal Emergency Management Agency provides flood maps of the United States on their website. The flood maps will show you the type of flood zone your property is on. The higher the risk of flooding, the higher your insurance premium is going to be, which is why the flood maps are important.
If your property is in the A and V zones, it is in a high-risk flooding zone. If the property is in the B, C, and X zones, if it is in a moderate- to a low-risk area which means your premium will be lower.
Find Out if You Qualify for a Preferred Rate Discount.
Some communities receive preferred rate discounts through the NFIP and you may be eligible for the discount if your community meets the NFIP’s minimum requirements. People that live in the B, C and X zones of the flood maps are eligible for the discount while people that live in the A and V zones are not.
Decide How Much Coverage You Want and How Big a Deductible You Wish to Take Out.
You can get an estimate of how much your premium will be at the NFIP website based on the zone your property is in and the size of your insurance policy. According to the website, other factors that affect the price of your premium include the size of your deductible and having a basement in your home.
- FEMA Flood Insurance Changes 2018
- Flood Insurance Rules and Changes for 2019
- NFIP Flood Risk Rating 2.0 – What it Means for You
- FEMA flood insurance rates 2022
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How to Determine Your Flood Insurance Rate