What Factors Will Affect Your Premium?

The price you will pay for flood insurance will depend mainly on the following factors:

  • Flood risk (e.g., your flood zone)

  • The type of coverage being purchased (e.g. building and contents coverage)

  • The deductible and amount of building and contents coverage

  • The location of your structure

  • The design and age of your structure

  • The location of your structure’s contents (e.g. Are your utilities elevated?)

Currently, there are around 50 insurance companies that sell the NFIP flood product. The price is standardized across all insurance companies and is set by FEMA and provided from their rating engine, Pivot.

Coverage Options

One way to manage the cost of your flood insurance policy is to select the right level of coverage and deductible. Property owners can purchase building only, contents only or building and contents coverage. There are also a variety of deductibles, with higher deductibles reducing the premium, but placing more of the cost to rebuild/repair out of pocket (or out of savings).

I'm a Homeowner

  • If you own your home – including condominiums and townhouses – the NFIP offers flood insurance policies to cover your home’s structure and belongings.
  • What’s covered: Your foundation, electrical and plumbing, finishings, appliances, electronics, personal belongings, and more.
  • Coverage limits: $250,000 for the building and $100,000 for the building contents. These are typically purchased separately with separate deductibles.
What’s Covered

I'm a Renter

  • If you’re a renter, the NFIP offers affordable, renters flood insurance to protect the things you care about in the event of a flood. Ask your landlord to be sure they have coverage for your building.
  • What’s covered: Your furniture, clothes, television, computers, rugs, artwork, and more.
  • Coverage limits: $100,000 for contents-only coverage. Starting policy costs: $99/year
What’s Covered

I'm a Business Owner

  • If you’re a business owner, the NFIP offers commercial flood insurance policies to help protect your business’s structure and equipment.
  • What’s covered: Your foundation, electrical and plumbing, finishings, equipment, furniture, inventory, and more.
  • Coverage limits: $500,000 for the building and $500,000 for the building contents. These are typically purchased separately with separate deductibles.
What’s Covered

Private Insurance

Private flood insurance provides alternatives for property owners looking to secure insurance for the flood hazard. If you live in a community that does not participate in the NFIP, it is possible that private flood insurance may be available. Private flood insurance options may provide higher coverage levels or additional coverages not provided by the NFIP policy. To find out more about private flood insurance chat with your local insurance agent.

Are There Additional Expenses?

NFIP flood insurance policies include required fees or expenses within the total premium. No additional fees or expenses can be added by the insurance carrier or the agency. The premium is standardized across all insurance companies and is set by FEMA and provided from their rating engine, Pivot.
For private flood insurance, the insurer, agency or the state may charge additional fees or expenses.