How Much Does Flood Insurance Cost?

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5 min read · Mar 28, 2022

Flooding is one of the most common natural disasters in the United States. Every year, it causes billions of dollars in damage and affects thousands of people. If you live in a flood-prone area, it’s important to have flood insurance. But how much is flood insurance going to cost?

Based on nationwide estimates, flood insurance coverage can cost you an average of $82 per month or $985 per year. It’s worth noting that exact premium charges may depend on various factors. Thus, it is worth consulting with reputable insurance companies such as Neptune Flood for a flood insurance estimate. Neptune’s residential flood coverage can be as low as $350 a year.

Factors that Impact the Flood Insurance Cost

The following are eleven vital factors that should not be underestimated when determining a flood insurance estimate. They include but are not limited to:

1. Proximity to Water Bodies

If your home is situated close to a river, lake, or ocean, you will likely pay higher flood insurance rates. The same case applies if your neighborhood experiences frequent flooding.

2. Coverage You Desire

The more coverage you want, the higher your flood insurance rates will be. For instance, if you opt for a $250,000 policy instead of a $100,000 one, you can expect to pay twice as much. Luckily, Neptune Flood policies are comprehensive that can fit your budget irrespective of your income status.

The more assets and valuables you have to insure, the higher your flood insurance rates will be. This is because there’s a greater chance of your assets being damaged in a flood. Neptune Flood is here to help you cover these assets!

3. Your State’s Flood Insurance Requirements

The National Flood Insurance Program (NFIP) requires all homeowners living in Special Flood Hazard Areas (SFHA) to carry flood insurance. As a result, residents of these areas pay higher premiums than those who don’t live in SFHAs.

Neptune’s flood products meet the definition of private flood insurance, so banks who require flood insurance must accept it as valid protection . Whether or not your state has specific flood insurance requirements, Neptune Flood can help you find a policy that fits your needs and budget based on your flood insurance estimate.

4. History of Flooding in Your Area

If your neighborhood has experienced flooding in the past, you’re likely to pay higher flood insurance rates. This is because there’s a greater chance of your home being flooded again in the future. Fortunately, Neptune offers flood insurance policies for first-time and repeat flood victims.

5. Type of Home/Building

The flood insurance estimate for frame homes is typically higher than for brick homes. This is because frame homes are more likely to be damaged in floods than brick homes.

6. Age of Home/Building

If your home is newer, you’re likely to pay lower flood insurance rates than if it’s older. This is because older homes are more likely to be damaged in floods than newer ones. Regardless of the age of your home, Neptune has a flood insurance policy that’s right for you.

7. Elevation Above Sea Level

The higher your home is above sea level, the lower your flood insurance estimate. This is because there’s a lesser chance of your home being flooded if it’s elevated above sea level.

8. Property Occupancy

If your home is owner-occupied, you’re likely to pay lower flood insurance rates than if it’s a rental property. This is because there’s a greater chance of damage occurring to a rental property than to an owner-occupied one.

9. Natural Disaster Risk Areas

If you live in an area that’s prone to hurricanes, storms, or snowfall, you’re likely to pay higher flood insurance rates. This is because there’s a greater chance of your home being flooded in these areas.

10. Your Assets to Insure

The more assets and valuables you have to insure, the higher your flood insurance rates will be.

11. Your Deductible

Finally, the flood insurance deductible you choose will also affect your flood insurance cost. The higher your deductible, the lower your flood insurance rates will be.

Why You Need to Know Your Flood Insurance Estimate

The following are four reasons you should get a flood insurance estimate as soon as possible:

1. Plan Ahead

It’s essential to know how much flood insurance will cost to plan. This way, you can budget for your flood insurance premiums and make sure you have the coverage you need.

2. Choose the Right Premium

If you’re like most people, you want to get the best flood insurance coverage for the lowest price. By getting a flood insurance estimate, you can compare rates and choose the policy that’s right for you.

3. Know the Potential Scope of Your Cover

It’s essential to know the potential scope of your flood insurance coverage. By getting a flood insurance estimate, you can determine how much your policy will cover and make sure you’re fully protected.

4. Work Within Your Budget

Last but not least, it’s crucial to get a flood insurance estimate so you can work within your budget. Having a sound knowledge of the estimates can help you find a policy that fits your needs and budget.

When To Get Your Flood Insurance Cost Estimate

The best time to get your flood insurance cost estimate is now. It is never too late to know your flood insurance estimate. Whether you are planning or already affected by floods, Neptune Flood can give you a free flood insurance quote in under two minutes! Neptune quotes are typically vaild for 60 days.

5 Reasons to Choose Neptune Flood Insurance Estimate

It’s human nature to have doubts about something before getting into any new commitments. The following are five reasons to convince you that Neptune is worth your investment for the good of your property.

1. Reputable Brand

If you are looking for a flood insurance estimate, the best place to start is Neptune Flood. Neptune is the leading provider of private flood insurance in the United States and can help you get the coverage you need at a price you can afford.

2. Unmatched Expertise and Experience

With over six years of experience, Neptune has the knowledge and expertise to help you find the right flood insurance policy for your needs. You can be sure that you’re getting the best possible flood insurance coverage for your property and valuables.

3. The Most Affordable Cover

Neptune offers a variety of flood insurance policies that can accommodate any budget. Consequently, you have no excuse not to get flood insurance coverage for your property.

4. Comprehensive Coverage

Neptune Flood cost estimate document is vital information that can help you choose the right flood insurance policy. The document can outline crucial details, including but not limited to:

  • Your flood insurance estimates
  • How much coverage do you need
  • What your deductible will be

5. No Discrimination

Finally, irrespective of the location of your property, Neptune can support you in times of need. If you are looking for reliable and trustworthy flood insurance, Neptune is a perfect choice.

Conclusion

Getting a flood insurance estimate from Neptune Flood is the best way to ensure you are fully protected in case of a flood. With over six years of experience and a wide variety of flood insurance policies to choose from, Neptune can help you find the perfect flood insurance policy for your needs. For more information on flood insurance or to get a free flood insurance quote, contact Neptune Flood today and insure your property.