The National Flood Insurance Program creates flood insurance rate maps in both printed and digital form. Photo by Jennifer Smits/FEMA

Flood Insurance Rate Map is a Handy Guide

The National Flood Insurance Program, under the umbrella of the Federal Emergency Management Agency, creates a flood insurance rate map for each community in the program to assist with floodplain management and to designate flood insurance premium rates. Home owners may rely on the maps to assess their properties’ flood risk and to anticipate the cost of flood insurance coverage. The maps designate areas of low to moderate- and high-risk areas.

Where Can I Find a Flood Insurance Rate Map?

For access to the most accurate and timely flood insurance rate map, property owners should contact a flood certified insurance agent or inquire with their community’s floodplain manager, which is usually within the city or county planning, zoning or engineering office. Experts update the maps as conditions like geography, construction activities, flood mitigation efforts and weather events change, according to information from the National Flood Insurance Program. These factors may cause the flood zone designation for any property to change from time to time.

What Other Information is on a Flood Insurance Rate Map?

All flood insurance rate maps show topographical features in the area, like lakes, streams and other waterways, and elevations. The elevations component is important because it designates the base flood elevations and depths, which show areas with a 1 percent chance of flooding per year and a 26 percent chance of flooding in a 30-year period, according to FEMA. These areas are called Special Flood Hazard Areas.

Who Creates the Flood Insurance Rate Maps?

FEMA engineers consider historical, hydrologic and meteorological data, and they conduct engineering studies. They supply the results of their research to cartographers, who create the maps. The flood insurance rate maps are the most widely distributed of the NFIP maps, and they are available to insurance agents, community floodplain management offices, mortgage lenders and the general public. The maps are available in both printed and digital forms.

A flood insurance rate map is one tool you may use to assess your property’s flood risk and to effectively plan to minimize your financial risk. The professionals at William Avon Insurance Group can show you the appropriate flood insurance rate map for your area and provide detailed information about your risk.

Flood Insurance Cost Facts

When a flood strikes, affected properties may sustain thousands of dollars in damage, far surpassing the flood insurance cost associated with a policy. Flood insurance is generally an optional coverage unless the building is in a high risk zone, which may make it a required component by the mortgage company to secure the funds.  Many property owners leave themselves unprepared and unprotected when flood insurance isn’t a requirement to ‘save money’, if they don’t feel their property will flood just because it hasn’t in the last 20 or 30 years or if they feel they are “high enough” not to get flooded.  Fortunately, gaining the peace of mind that comes with a flood insurance policy is usually more affordable than most people think.

Residential Flood Insurance Cost

Residential flood insurance is available for structure and contents, or for contents only, at annual premiums based on the property’s flood risk designation and amount of coverage desired. For example, the rates for a primary residence on a slab, depending on the value of the home may be as low as a little over a hundred dollars a year on the low side to under $500 per year on the high side.  Many homeowners pay just over $300 per year, making it very affordable considering the amount of money you would be leaving on the table if you don’t have insurance and a flood occurs. You can find the risk area designation for your home by contacting your city or county zoning or planning office or a flood insurance agency such as the William Avon Insurance Group. Overall, the policy rates you pay will depend on a number of variables, but the National Flood Insurance Program does set the rates with affordability and accessibility in mind.

Commercial Flood Insurance Cost

Small businesses may find flood insurance cost very affordable as well. As with residential flood insurance cost, the exact policy rates depend on many variables such as the building’s value, the value of the equipment and other contents kept on site, the type of structure and of course, property’s flood zone designation to name a few. Coverage is available for larger businesses, too. As with residential flood insurance, only a qualified insurance agent can provide you a reliable and accurate quote that takes into account all of your business’ unique characteristics.

Getting a Precise Flood Insurance Cost

Flood insurance through the National Flood Insurance Program is available through qualified insurance agents. The Federal Emergency Management Agency partners with reputable insurance companies to provide the right flood protection to meet your needs.  There is also no need to hunt around for the best deal as the rates are the same for each risk from company to company. Begin to put your mind at ease by learning how affordable the flood insurance cost may be for you in comparison with the tens or hundreds of thousands of dollars it may cost you without it from the William Avon Insurance Group.