What's the cost?
Nobody seems to want to discuss flood insurance pricing. So Let's discuss it
How much does flood insurance cost? What makes up the cost of flood insurance?
These are questions we get from consumers just like yourself every day
So How Much Does Flood Insurance Cost?
This probably feels like the eighth wonder of the world to you.
Why is my price so much different than my neighbors?
Why am I required to get flood insurance if my property has never flooded?
So let's look at it
How is the Price of Flood Insurance Determined?
There are many factors that make up the cost of flood insurance. We are going to discuss what we call the fingerprint of flood insurance. These are 6 things that can make your flood insurance cheaper or more expensive
- Elevation of the structure
- Distance to water
- Type of flooding
- Flooding frequency
- Replacement cost of the structure
- Overall flood risk score
Is Private Flood Insurance Cheaper?
Will My Rate Change After Accepting a Policy?Flood insurance policies are 12-month or 1-year policies. This means like home insurance the rate is good for one year. Your rate could go up or down after that year.
Does a Higher Deductible Save Me Money?
You have probably heard that a higher deductible can save you a lot of money on insurance. However on flood we find that the difference between a $5000 deductible and $10,000 could save you less than $100 a year
I have had to deal with flood insurance that is required on my home but will probably never be needed since I bought my home. After closing on the house in one flood plain zone, after the closing I was told I was actually in another that required more coverage, resulting in a higher premium. Currently, I am doing a refi on my house and the flood insurance became a pain again. I received a very high quote through the NFIP. My loan officer pointed me in the direction of The Flood Insurance Guru. They got me a low-cost policy that actually exceeds the required building coverage that was required. I doubt I will ever have to use it, but they got me covered on flood insurance that is required on my property at a price that doesn't make me regret buying the house.- Phillip Dinvoo