How much does flood insurance cost?
According to the Federal Emergency Management Agency (FEMA), average flood insurance policies cost a little more than $400 a year for about $100,000 of coverage. Actual costs depend on 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 NFIP. You can find out if your community participates by visiting the following NFIP Web link: http://www.fema.gov/business/nfip/. Check out their Floodsmart information under the link for homeowners and renters. Also, your insurance agent or insurance company can confirm if flood insurance is available and its cost.
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 Web site at http://www.fema.gov/business/nfip/.
