Does All Flood Insurance Cost the Same?


4 min read · Dec 11, 2022

Flood insurance pricing can vary based on many factors. There are many factors that can affect the premium rate associated with your flood insurance policy. Here are some things to consider that may affect your rate:

The Location of Your Property

Areas with a greater risk of flooding, such as those near rivers or in areas prone to hurricanes, will typically have higher premiums than homes in lower-risk areas. Areas that have been recently flooded will also likely have higher premiums.

The Value of Your Property

If you own a high-value home or business building, the cost of your flood insurance could be higher than if you own a low-value home. You want to make sure you select adequate coverage for repairing you home. After experiences a flood, the last thing you want to hear is that you didn’t purchase enough coverage to be able to repair or rebuild your home.

Your Deductible Amount

The deductible is how much money you, the policyholder, must pay out-of-pocket when making a claim. The higher the deductible, the lower the premium. It’s important to ensure you can afford your chosen deductible in an emergency. While a high deductible is nice to lower your premium, you don’t want to be left with a large bill for that deductible after a flood because you wanted to save a few dollars in the short-term.

The Insurance Provider You Choose

Insurance providers typically offer flood insurance policies with different rates and coverage options. Be sure to shop around and compare rates from multiple providers to get the best deal. Fortunately, Neptune Flood insurance offers competitive, affordable rates and let’s get you a quote in under two minutes.

Content to Be Insured

The amount of coverage you are purchasing can also affect the cost of your flood insurance policy. Coverage for your contents can be adjusted based on what you choose. Selecting a higher coverage amount for your contents means your policy price will increase.

Optional Coverages

Adding on optional coverages to your policy will increase your cost, but may be a worthwhile addition. Neptune offers additional optional coverages to protect you and your property, like temporary living expenses and replacement cost on contents. These coverages give you better protection and are not offered through the government’s National Flood Insurance Program (NFIP).

Number of Buildings Floors

The price of flood insurance may also vary depending on a building’s floor count. In comparison to single-floor structures, which are frequently subject to higher premiums, buildings with multiple stories spread out their flood risk. The rate for individuals who live there may decrease as the number of stories increases.

Your Premises Building Materials

The materials used to build your home may have an impact on the price of your flood insurance. For example, masonry walls are more resistant to flooding than wood-frame walls, which may result in lower flood insurance costs. Additionally, residences with a basement or crawl space may have higher rates than those without because of their increased risk of flooding.

Type of Your Building Occupancy

Your building’s kind and intended purpose will have an impact on your flood insurance costs. Commercial buildings such as stores may have higher premiums than residential ones due to the added danger of having numerous people and contents in one place.

Age of Your Building

Older buildings may be less resistant to flooding, which means they may have a higher risk of flooding. Newer homes and the materials used may be more resilient, as well as stronger foundations with updated building codes to withstand rain and wind damage.

How to Know Your Exact Flood Insurance Cost

Ultimately, there is no one-size-fits-all answer to determine the cost of flood insurance. As a result, getting a quote from your flood insurance provider is the best way to know your exact flood insurance cost.

For instance, Neptune Flood’s team of experienced professionals will work with you to provide the coverage you need at a rate that fits your budget. Whether you need direct communication over the phone, or online communication, Neptune Flood is here to help you find the best flood insurance coverage for your needs.

Claims are also handled quickly and efficiently with Neptune Flood. We understand that floods can be devastating, and we want to help you get back on your feet as soon as possible. Our dedicated team is here to make sure that the claims process goes smoothly and that you get the coverage you deserve.

No matter the type of insurance flood coverage you need, Neptune Flood is here to provide you with the best coverage at the most reasonable rate without making you break the bank.

Contact Us

There are many factors that affect the cost of flood insurance. Neptune Flood can offer you a free quote and provide you with the coverage you need at an affordable rate in just two minutes!  Contact us today for more information on the cost of flood insurance and the different coverage options you can access.