You ll also pay more in fees.
Ae flood zone insurance cost.
Updated september 17 2020 by chris moon the average flood insurance policy obtained through the national flood insurance program nfip costs 708 per year.
In high risk zones they can reach into the thousands.
So what determines the premiums of these zones.
Coverage amounts and type of coverage federal government or private.
Home insurance policies do not cover floods which means you ll need a separate flood policy to be fully protected.
Rates of june 19 2017.
Well there are a few things that have a major impact on flood premiums in these zones.
The average cost of flood insurance in 2018 was 699 per year or 58 a month through the national flood insurance program nfip.
However the cost of any individual flood policy will depend on how much coverage you need and how close you are to the nearest body of water.
The chart above shows flood insurance costs for florida homes that qualify for the preferred risk program.
Costs vary by state and can be as cheap as 550 a year.
You may also receive a higher flood insurance quote if your house is used as a rental property or if you occupy it less than half the year which are both common scenarios for florida homeowners.
These are generally because most of the structures have a negative base flood elevation.
The type of flood zone you live in has a huge effect on the price of your flood insurance.
How flood zones affect home insurance costs.
In the most extreme cases you may pay more than 300 as much to insure a house in a zone a area than a zone v one.
The average cost of national flood insurance program nfip coverage was 707 according to the latest data provided by the federal emergency management agency fema.
In low to moderate risk areas premiums range from roughly 130 to 450 per year for homes.
