Guide On How To Lower Flood Insurance Costs
You cannot afford to cut corners with flood insurance, but you can make insurance costs more affordable. Worried about having to pay high flood insurance premiums? Here is a look at some of the easy ways to lower the costs without compromising on your coverage.
1. Shop Around
For the longest time, the Federal Emergency Management Agency's (FEMA) National Flood Insurance Program was the only go-to for flood insurance for those in the U.S. The market has since opened up to private insurance carriers. See what each flood insurance company has to offer, and you can pick the one with the best rates, provided you will get sufficient coverage.
As with other types of insurance, you may lower your premium by increasing your deductible. You can also find out what discounts the flood insurance company offers.
2. Get an Elevation Certificate
Flood insurance providers use your elevation certificate to assess the flood risk of your property, which determines your payable premiums. The certificate outlines your property's location, flood zone designation, and building characteristics, including the elevation of its lowest level. Have a professional civil engineer review your certificate before submitting it to the flood insurance company.
Depending on the specifics of your elevation certificate, you may be looking at a significant reduction in your premiums. Without the certificate, the insurer will assume the worst-case scenario, with you ending up paying so much more.
3. Invest in Structural Improvements
Some structural improvements can help to reduce your property's flood risk, which will translate to consideration for lower premiums. Installing flood venting is top on the list. The flood vents installed along the lowest level of your building allow water to flow through, reducing the pressure of the floodwaters.
Elevating the lowest level of your building is also another excellent flood mitigation option. After all, the lowest level determines your flood insurance premiums, and if it is elevated, you can reasonably expect the insurance costs to lower.
4. Flood-Proof Your Property
This option is available for commercial properties. Installing a removable waterproof system around your building just before a flood risk will greatly reduce the impact of the risk. With this in mind, your flood insurance company will greatly reduce your insurance premiums.
Pay Less
With the outlined tips, you can look forward to lowering the cost of flood insurance. Non-coverage is not an option, but with these and more tips, you don't have to worry about breaking the bank to ensure you have sufficient flood coverage.
Reach out to flood insurance providers to learn more.
