How Much Does Flood Insurance Cost?
Flood insurance is need since natural phenomenon such as hurricanes, earthquakes and typhoons cannot be avoided. With the abruptly changing weather conditions these times, the weather can just be so unpredictable, hence the reason people acquire flood insurance. When floods happen it can be devastated families and homes, people are now more aware of the significance of having flood insurance. But how much does flood insurance cost?
So typically, how much does flood insurance cost? Here are some figures that will give you a good estimate when you are planning to purchase your very own flood insurance.
· For most single family homes (single story), prices range from $400 to $450 annually. However, if your house is located in a high-risk area, it can reach up to $2,000. On the other hand, if you are lucky enough to belong in the safer areas, insurances can be as low as $112 every year.
· If you opt for a premium flood insurance account, it can be as much as $500 per year, according to FEMA.
· Your premium account rates would actually depend on several factors such as building occupancy, deductible, and your home’s age, structure and elevation.
· Building deductibles can reach as high as $1,000 as well as contents deductibles.
· For residential coverage, there can be insurance policies for home owners and tenants. If you’re living in residential or commercial buildings, there ca be additional factors that may affect your premium like year of building construction, if it belongs to a flood zone, deductibles, number of floors, building occupancy and the location of the lowest floor to the required elevation in the map.
· If you are a renter, you may ensure your contents for as low as $39 every year.
· For commercial properties coverage, Preferred Risk Policy Premiums are the cheapest available from the NFIP. Most premium plans begin at $150 every year (this already covers Building and Contents). Your coverage can be as high as $500,000 to protect your building and contents.
· If you live near the coast, your premium can be high. You can ensure to as much as $200,000 (if you don’t have previous claims) for $5,000/year. If you are a tenant, you may ensure your contents for up to $100,000 by paying around $2000 per year.
It is advisable that you sit down with an agent and work on flood insurance price rates. If you are not working with an agent right now, you can call FEMA to check for registered institutions.
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