How to Determine a Flood Insurance Premium

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Determining a flood insurance premium requires you to add up all of the items in your home and their value. Find out how to determine a flood insurance premium with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi, my name is Susan Combs, and today we're gonna talk about how to determine flood insurance premiums. In determining flood insurance premiums there's really no calculation or magic number that I can give you that's going to say okay this is what I'm going to be playing x number of dollars but I can tell you what the factors are that are going to determine your premium. A lot of times what they do is they look at the value of your home that you have. They also look at the type of structure. I mean are you a say a 1 story home or are you a 3 story home, do you have a basement underneath, things like that; that's gonna come into play. They're also gonna look at what's the value you have left on your mortgage and they're also gonna look at the biggest factor is going to be what flood zone you're in. So if you're in a zone that's higher rated your insurance premiums are gonna be much higher than say somebody that's up on a mountain top that's not ever gonna be flooded hopefully so the best thing to do is to talk to your current homeowners carrier and see if there's additional coverage's you can purchase or talk to an insurance broker and they'll be able to shop the market for you.


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