Determining the cost of flood insurance
According to the Federal Emergency Management Agency (FEMA), the average annual flood insurance policy premium in 2019 was $700. The amount you pay for flood insurance varies based on several factors, including the location and age of your home. For frequently-flooded areas such as coastal properties, your lender may require flood insurance paid in advance.
Most flood insurance is administered through the National Flood Insurance Program (NFIP). You can find an insurance agent to determine the flood risk in your area. Speak with one of our qualified agents to get a free quote.