Tuesday, December 6, 2022

Flood Zone Insurance Cost: How Much Can You Bring Down the Cost?

Did you know that 14.6 million homes in the United States of America are at risk of flooding? If you’re the owner of one of these homes then odds are that you’re going to see a big flood zone insurance cost heading your way. One of the major drawbacks of living in a flood zone is the additional risk that your home will flood at some point or another.

This isn’t the end of the world, as you’ll have plenty of options to consider when you’re looking at betting flood insurance. Still, you’ll want to make sure that you’re getting cheap insurance so that your flood insurance cost isn’t breaking the bank.

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The good news is that you’re in the right place to learn about the average flood zone insurance cost and things that you can do in order to get the best insurance for cheap. Keep reading for more.

How Much Does Flood Zone Insurance Cost?

There are a lot of different things that affect the flood zone insurance cost that you could face with your new home. Different states have many different rates when it comes to your flood insurance payments so that is an important thing to keep in mind. The states with the most expensive flood insurance rates are Vermont, Connecticut, Rhode Island, Pennsylvania, and Massachusetts.

If you live in a flood zone in Vermont then you’ll be looking at paying around $1,600 each year in payments for the best insurance to protect you and your household against flooding.

What Can You Do to Lower Your Flood Zone Insurance

There are numerous things that you can do in order to lower your flood insurance cost and take a burden off of your bank account. Taking steps to mitigate your home’s flood risk is great because it will get you better insurance rates while also protecting your home in the event that a flood does indeed occur.

Here is a closer look at the things that you should do with your home to mitigate your flood risk.

Elevate Your Utilities 

Elevating your utilities is an effective way of making your home safer and more resistant to severe damage as a result of flooding. You should look for ways to elevate your home’s heating and cooling systems as well as the electrical panels and water heater. Elevating these utilities will go a long way towards preventing severe and costly damage to your home.

Make sure that you keep your utilities above the Base Flood Elevation if you want to avoid an annual surcharge. The best insurance, like the policies at Lloyds of London insurance, will give you much more favorable insurance rates if your utilities are above this elevation.

Getting Flood Openings

Another thing that you can do in order to lower the cost of your flood insurance if you live in a flood zone is to get flood openings for your home. If your home is located in an area that is classified as “high-risk” then you’ll be required to get these flood openings anyways.

If your home has a basement then you’ll need to have at least two flood openings and two exterior walls. The bottoms of these flood openings cannot be more than 12 inches above the ground outside of the window. Keep in mind that things like windows and garage doors do not qualify as flood openings.

Filling In Your Basement

Getting a basement with your new construction home is a bad idea if you know that you live in a flood zone. In fact, they’re such a bad idea that they’re prohibited unless you get authorization. If you can’t get authorization then your best move is to fill in your basement as a way to save you money.

If you do get approved to get a basement built at your home that is in a high-risk flood zone then you’ll see a significant percentage of money added on to your monthly payment for flood insurance. One thing to keep in mind is that a crawlspace that is lower than the BFE also counts as a basement if you live in a flood zone.

Elevate Your Home or Property

It might sound obvious, but one of the best things that you can do in order to protect your home from flooding if you live in a flood zone is to elevate your home or your property. You’ll see a major decrease in what you’re paying in flood insurance cost each month when you invest in getting your home elevated to protect against floods.

Many people that choose to elevate their homes in flood zones see savings of hundreds of dollars each year in flood zone insurance costs. The amount of money you save is determined by the number of feet that your home rises above the BFE, so the higher your home or property is the better off you’ll be.

Relocating Your Home

The last thing that anyone wants to do after purchasing a home is to consider relocating that home to a different area. Still, that is one of your last resort options if you discover that you live in a flood zone. Many people don’t want to pay the additional costs that come with having flood insurance.

If you own a large amount of property then it will be much easier to find a suitable area to move your home to that is outside of the flood zone. If you don’t have that option then you might want to consider selling your home and shopping for a new one that is outside of the flood zone.

Now You Know the Flood Zone Insurance Cost

Knowing the flood zone insurance cost makes it much easier for you to anticipate what you’ll spend each month between your mortgage and different types of home insurance. There are certain things that you can do to lower your flood insurance cost, like elevating your home and keeping your utilities elevated.

For more helpful articles, make sure you check out our blog today!

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