Who Offers Flood Insurance

by | Aug 6, 2015 | Flood Zones

FLood Insurance is offered through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). This federal program offers flood insurance, which can be purchased from more than 80 private insurance companies.

Rates are set nationally and do not differ from company to company. The rates are based on several factors including:

  1. The age of the structure being insured: Homes built prior to December 31, 1974 qualify for pre-Firm rates. Home built after January 1, 1975 qualify for post-Firm rates.
  2. Type of construction of the structure: A structure with a basement is treated differently than a structure built on a slab.
  3. The structures level of risk: The further below the Base Flood Elevation the structure is located, the more expensive the premium.

There are several different types of policies that a structure can qualify for including a standard policy, a grandfather policy, or a preferred policy. A professional land surveyor can perform an Elevation Certificate to provide essential information that an insurance agent can use to assist you in selecting the proper coverage for your home.