Similarly, a homeowner who invests in hurricane shutters cost may pay less for flood insurance. The cost to build a hurricane-proof modular home is relatively low, and a home designed to withstand a hurricane will likely have lower flood insurance premiums. For example, a home built using masonry or concrete instead of a wood frame is less likely to sustain severe damage from flooding. The characteristics of a building can also influence the cost of flood insurance in Florida. What follows are some examples of Florida cities and their average annual flood insurance costs. In general, a home located in a city that borders a river, lake, or the coast is at a higher risk of flooding, which means higher flood insurance rates. The city in which the home is located can also have an impact on flood insurance costs in Florida. If the homeowner doesn’t have an existing elevation certificate, they can either check with the floodplain manager at their local municipal office or have a professional land survey completed and a surveyor issue a new certificate. Homes that are built at a lower elevation will likely have higher flood insurance rates than those built at a higher elevation, as a home at the base elevation has a 1 percent chance of flooding each year. Homeowners can obtain a FEMA Elevation Certificate that shows their property’s elevation compared to the base flood elevation on a flood map. The elevation of a home can have an impact on the cost of flood insurance in Florida. New homeowners who are taking out a mortgage on a home in a high-risk flood zone will likely be required by their lender to purchase flood insurance coverage. From there, FEMA creates community flood maps that show the flood risk for that particular area, and insurance providers use that information to determine policy costs. This methodology takes several factors into account, including weather patterns, land development, erosion, flood frequency, multiple flood types (such as river overflow, storm surge, and heavy rainfall), and distance from a water source. Florida residents can see the flood risk in their area by checking the FEMA Risk Rating 2.0. The Federal Emergency Management Agency (FEMA) estimates that 27 percent of Florida housing units are at high risk of flooding. Additionally, costs can vary depending on whether a customer opts for coverage through the National Flood Insurance Program (NFIP) or a private insurance company-and if a customer chooses a private insurer, the costs can also differ from company to company. These include the home’s elevation and flood zone, the city in which the home is located, the characteristics of the building, the type and amount of coverage the policyholder needs, and the deductible amount. There are several factors that insurance providers take into account when calculating the average flood insurance cost in Florida. Factors in Calculating Flood Insurance Cost in Florida This guide will explore the factors that affect the cost of flood insurance in Florida, as well as the types of coverage provided, the ways homeowners can save on their flood insurance premiums, and the questions customers will want to ask when considering the best flood insurance companies in Florida. The exact price of flood insurance can vary based on the property’s flood risk, the structure of the building, and the type and amount of coverage the policyholder chooses. How much is flood insurance in Florida? Depending on the home’s location and other factors, Florida residents typically pay between $194 and $3,877 per year for flood insurance, with policies costing an average of $911 per year.
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