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How Can I Pay Less for My Flood Insurance?

What you pay for flood insurance often has a lot to do with how much flood risk is associated with your building. Mitigation and other factors play a role in protecting properties from flood damage, but sometimes they can also help reduce how much you pay for your flood insurance policy.

Did You Know?

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An elevated home, like the one shown in 5 Ways to Lower Your Flood Insurance Premium with a first floor elevated three feet above the Base Flood Elevation (BFE), can expect to save 60% or more on annual flood insurance premiums. 

Does my community get a discount?

If your community is enrolled in the Community Rating System (CRS), you may be receiving a discount on your flood insurance. The discount is calculated based on the community's efforts to reduce the risk of flooding. If you have questions about CRS, call your insurance agent or insurer.

Are there ways to protect my property from flood damage?

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The Homeowner’s Guide to Retrofitting can help you decide the right method to mitigate future damage and loss by considering various factors, such as hazards to your home, permit requirements, technical limitations and costs. This guide also helps you develop a flood protection strategy.

Elevation: is it the answer?

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The Increased Cost of Compliance (ICC) coverage, for eligible properties that are required to be in compliance with local floodplain requirements, can help pay for elevating a building after a flood. Another way to get help with the cost of elevating your building would be through one of FEMA's various grant programs. The grants are administered by states, and each state decides which projects it will fund and for how much. Contact your local floodplain manager for more information.

If you would like to consider elevating your home, learn more about it to determine if it might be a good option. It can be very expensive, but can substantially reduce flood damage and could be a way to reduce the cost of your flood insurance. Here’s another helpful resource: Chapter Five in Homeowner’s Guide to Retrofitting.

I cannot elevate my property, so what can I do?

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Reducing Flood Risk to Residential Buildings that Cannot be Elevated explains things that can be done to better protect a building from flood damage, and in some cases implementing these changes will reduce the cost of your flood insurance.