![]() ![]() If you have a mortgage backed by the federal government, the terms of that loan may require you to have flood insurance if you live in an area that is considered a high flood risk. If you have a mortgage in a high flood risk area, there's a good chance you'll be required to have a flood insurance policy. Even if they don't, a flood policy may protect your property if a flood damages your home and belongings. Your mortgage lender may require flood insurance. Description: Single-story single family home.Source: The Flood Insurance Agency (TFIA) The quotes are provided by The Flood Insurance Agency: Premiums in higher-risk zones can soar to $5,000 and up.īelow, we shared quotes on how flood insurance may vary by flood zone. According to one private flood insurer in Florida, rates in a low-risk flood zone may range from $500 to $1,000. Similar to NFIP policies, actual premiums on private flood policies will depend on multiple factors, including your flood zone, foundation type and square footage. Get Personalized Home Insurance Quotes Here Cost of Private Flood Insurance in Floridaįlood insurance from a private insurer may offer rates as low as $500 if you're in a low-risk flood zone. While that program was designed to make flood insurance for at-risk properties affordable, you might be able to get cheaper coverage through a private flood insurance policy. These figures are just for NFIP policies. The average cost of an NFIP insurance policy in Florida works out to $242.41 for every $100,000 in coverage. Of course, rates vary according to the level of coverage you need and where your home is located. The average annual cost of flood insurance in Florida is $626, including premium and fees. ![]()
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