How much does flood insurance cost?
According to the Federal Emergency Management Agency (FEMA), the average flood insurance policy costs a little more than $400 a year for about $100,000 of coverage. The actual cost to you will depend upon where you live and the amount of coverage you choose.
How can I buy flood insurance?
You can buy NFIP flood insurance directly from your property and casualty insurance agent or insurance company if your community participates in the NFIP. You can find out if your community participates by visiting the following NFIP weblink: www.fema.gov/fema/csb.shtm. Your insurance agent or insurance company also can confirm whether flood insurance is available to you and what it would cost.
Plan ahead:
It is very important to plan ahead. A flood insurance policy will not go into effect until 30 days after you buy the policy.
Other things to know:
According to FEMA, between 20 and 25 percent of flood claims occur in medium or low risk flood areas. You can buy flood insurance for your home or business regardless of whether the property is in or out of a floodplain, as long as the property is located in a participating community. You can obtain more information about flood insurance at the NFIP website: www.fema.gov/business/nfip.
This information was made courtesy of the National Association of Insurance Commissioners (NAIC), a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The association’s objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, it is the oldest association of state officials. For more information, visit NAIC on the web at: www.naic.org/press_home.htm.
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