9/2/2023 0 Comments Flood insurance rates![]() ![]() Every FIRM shows the zones FEMA has designated as an official flood area, including the potential severity of the type of flooding in that area. ![]() FIRMs are used by government programs and private insurance brokers to determine flood insurance rates. FEMA creates Flood Insurance Rate Maps (FIRMs) for each community across the United States. But if your home is new construction and is valued at $250,000, your premium cost could be minimal.įIRMs. If your home is worth more than $500,000, is filled with expensive antique furniture and you’re in a high-risk area, your premium will likely be on the high side. ![]() The more flood damage coverage you request, the higher your premium will be. Protect your home and your budget with the right coverage!Ĭoverage. Flood insurance providers pay close attention to features like this when they’re determining your policy premium. Also, new construction in flood zones often includes a floodwall (permanent barrier) around the structure to prevent floodwaters from reaching it. Some modern construction materials like bricks and concrete are more flood-resistant and help protect newer homes from damage caused by floods. Insurance companies consider this a big risk and-no surprise-they raise premium costs accordingly.Ĭonstruction. Older homes can be more prone to flood damage because of their structure or building materials. Flood insurance providers also base your premium on the age of your home. Unless your home is built on a hill or other elevation, the closer you are to a floodplain, the higher your flood insurance premium will be.Īge. Floodplains are in areas next to rivers and creeks that overflow because of heavy rain. The specific location of your home within a floodplain also plays an important role in determining cost. To learn more about flood risk in your area, you can check out FEMA’s flood maps. That’s because premiums are primarily based on risk, and insurance companies charge higher premiums to compensate for risk. If your home is in an area that has experienced flooding in the past, the more your flood insurance is likely to cost. First, the biggest factor that determines flood insurance cost is the historical risk of flooding in your area. Factors That Affect Flood Insurance CostsĪccording to FEMA, government programs and private companies look at these critical factors to figure out their flood insurance rates:įlood Risk. ![]()
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