The Average Flood Insurance Cost
The National Flood Insurance Program (NFIP) bases flood insurance premiums on the flood zone in which a property resides. These zones include coastal high-risk, high-risk and moderate-to-low risk. The average, minimum and maximum policy costs for each zone vary depending on the amount and type of coverage chosen, as well as the age and type of structure.
Other People Are Reading
-
Homeowner
-
Most homeowners in a moderate-to-low risk qualify for preferred rate coverage. The lowest premiums available through NFIP, preferred premiums, begin at $119 per year for building and contents coverage as of September 2010. If your property doesn't qualify for preferred rates, you can purchase a standard rate policy. In the coastal high- and high-risk zones, only standard rates apply. You can purchase contents or building coverage or both. Combined coverage begins at $477 per year as of September 2010.
Renter
-
Many renters of homes, apartments or condos in moderate-to-low risk zones can purchase preferred rate coverage. As of September 2010, residential premiums begin at $39 annually to cover contents of the domicile. If the property you rent doesn't qualify for preferred rates, you can purchase a standard rate policy for contents only starting at $160 annually. In the coastal high- and high-risk zones, only standard rates apply. As of September 2010, you can purchase contents starting at $136 per year in high-risk zones, $160 per year in coastal-high risk zones.
-
Condo Owner
-
Many condo owners in moderate-to-low risk zones can purchase preferred rate coverage. NFIP recommends condo owners purchase building and contents coverage. Residential premiums begin at $119 annually to cover the building and contents. If your property doesn't qualify for preferred rates, you can purchase a standard rate policy beginning at $439 annually for a building and contents policy. In the coastal high- and high-risk zones, only standard rates apply. In high-risk zones, you can purchase building and contents coverage starting at $477 per year, in coastal-high risk zones for $585 per year. Your condo association carries a policy covering the overall building.
Commercial
-
Like residential properties, many commercial buildings in moderate-to-low risk zones can obtain coverage at preferred rates. As of September 2010, premiums begin at $550 annually for building and contents coverage. Contents policies begin at $145 annually. If your business property doesn't qualify for preferred rates, you can purchase a standard rate policy for contents only beginning at $525 per year. In coastal high- and high-risk zones, only standard rates apply. In coastal-high risk zones you can obtain a contents only policy beginning at $1,110 annually as of September 2010. In high-risk zones, you can purchase a contents only policy beginning at $850 annually.
Premium Estimates
-
The NFIP One-Step Flood Risk Profile tool lets you enter basic information to get premium estimates for various levels of coverage. Enter your street address, city, state, ZIP code and whether or not the property is residential. For example, entering the White House address, 1600 Pennsylvania Ave. NW, Washington, DC, 20006, identifies that address as residing in a residential low- to moderate- risk zone offering preferred rates. The President and First Lady could purchase contents only flood insurance for contents above ground with a minimum premium of $39 for an $8,000 policy or a maximum premium of $184 for a $100,000 policy, as of September 2010.
-
References
Resources
- Photo Credit flood image by dinostock from Fotolia.com
