How much you pay for your annual flood insurance premium depends on many factors such as where you live, the level of flood risk for the area, and where you buy your flood insurance. Private insurance agencies will charge a different rate than the NFIP. But the average yearly cost ranges from $920.
What flood insurance covers can be confusing to some people, and not knowing all the basics can lead to people not wanting to purchase flood insurance. In floods caused by weather, flood insurance will cover damages to your property such as foundation, HVAC systems, electrical and plumbing, and appliances. It will also cover personal property like clothes, furniture, electronics, and other valuables. Flood insurance is also available to renters. However, they will only need content coverage.
There are a few ways to lower your annual flood insurance premium, like elevating your utilities, installing flood openings, elevating your property, and relocating your home or business. At Holt Flood Insurance, we can also look at your current rate and help you find ways to lower it. And if you're not satisfied with your current insurance company, we can also find another one that works best for you.
For more information on an annual flood insurance premium, visit our website or give us a call at 1(540)809-1415. We will answer any questions you may have. Contact Holt Flood Insurance today.