Lower Cost Options

The price of a flood insurance policy ranges depending on where a property is located. In high flood risk areas, where coverage is often mandatory, policies cost more. However, most of the country falls within the moderate-to-low risk areas for flooding.

In moderate-to-low risk areas, where the risk of flooding is still very real, customers have lower cost flood insurance options available in the form of the NFIP's Preferred Risk Policies (PRP). Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest.

For as little as $129 a year, homeowners can insure their property against flooding. Many consumers don't know that the new PRP policies are also available to business owners and renters. Customers have the option to purchase building coverage, contents coverage, or both.

Building policies start at $20,000 and go up to $250,000. Contents coverage starts at $8,000 and goes up to $100,000.