The National Flood Insurance Program provides coverage for damage to homes caused by flooding. The primary factor that determines that cost of your premiums is the flood risk in the area where your home was built; however, there are three steps you can take to lower your premiums.
- Elevate Your Home
If your home is located in a high-risk area, you may be able to reduce your premiums by increasing your home’s elevation. This is usually accomplished by placing the home on stilts. Your insurance company may require that you provide them with an elevation certificate that verifies what your home’s elevation is relative to the expected height of floodwaters during a major flooding event. A flood elevation certificate surveyor near me can provide you with an elevation certificate.
- Mitigate Your Flood Risk
If you are building a home or if your existing property can be moved, the largest impact you can make on your premiums is to locate your property in a low-risk flood area. However, even in high-risk zones, there are actions you can take to lower your risk. Using an attic, upstairs closet, or an elevated platform to raise utilities, such as your heating and air conditioning system, above the base flood elevation can save you money. Additionally, you can fill in your basement or install flood openings.
- Choose a Higher Deductible
Your deductible is the portion of any covered loss you are expected to pay yourself, before your flood insurance kicks in. The higher your deductible is, the lower your premiums will be.
Wherever your home is located, you can reduce your flood insurance premiums by taking these three steps. As a bonus, the improvements you make to your property to lower your premiums can also reduce the amount of property damage you are likely to sustain in a flood.
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