How to Get Flood Insurance at the Best Price (Save Money)

Flood insurance is required by a bank or other lender if your property is located in a designated flood zone by the government. Your lender won't release the loan unless you first show flood insurance coverage for the property. This article provides tips on things you can do to get flood insurance at the best price.

Instructions

1. Start your research online before you call any insurance broker. Use some of the free online quote services. This will give you an idea of how much flood insurance costs for your property in your geographical area. Online research allows you to shop around and you can obtain multiple quotes from the same service.

2. Find out if you qualify for flood insurance "preferred risk policy". This is a policy that provides flood coverage at lower costs. This program is available for certain flood zones and it's based on the area's eligibility. Your insurance company can provide this information.

3. Discuss with the insurance agent if your neighborhood is part of the "community rating system". There may be additional discounts available if this rating is within designated limits.

4. Consider increasing your deductible amount to get the best flood insurance price. Depending on the insurance company, deductibles can vary according to the type of coverage included. Coverage may include; insurance for the physical building or for contents inside or for both.

5. Get a price quote from your auto and homeowner's insurance company. Usually insurance companies offer combined package pricing at a discount, if you buy all your insurance from the same company.

Resources

• Liberty Mutual Insurance
• Geico Insurance