Home flood insurance costs depend on your location. Insurance companies determine costs by the flood risk level and the state where the customer lives. The average annual fee for high-risk areas is around $1,167, whereas low to moderate-risk areas will pay about $630 or more. You can purchase flood insurance through a private insurance agent or the NFIP.
Anyone can purchase flood insurance, including renters. And if you rent your home, your insurance rates may be less expensive as you only have to worry about content. Though, flood insurance is only a requirement for high-risk areas, as mortgage companies will not give a loan without it. We recommend that everyone purchases it because you could spend thousands of dollars on repairs without it.
Factors that affect home flood insurance costs include flood zone, coverage type, content and building, age of home and structure, deductible, and more. Flood insurance will cover many electrical and plumbing systems, HVAC, flooring, and building structure. Content insurance includes clothing, furniture, electronics, jewelry, appliances, and more. While you have flood insurance coverage under your homeowner's insurance, it will only cover accidental floodings such as a burst pipe or leaking appliance.
For more information on home flood insurance costs, visit our website or give us a call at (540)809-1415. We will answer any questions you may have. Contact Holt Flood Insurance today.