How are premiums calculated?

A number of factors determine the premium rates for flood insurance coverage. 

They include:

  • Age of the building
  • Amount of coverage purchased
  • Building occupancy
  • Design of the building
  • Location

Factors for buildings in SFHAs include:

  • The elevation

The only buildings in Zones B, C, and X which are eligible for preferred risk coverage at a pre-determined, reduced premium rate are single-family and 1 to 4 family dwellings. For these exceptions, there are certain loss limitations depending on the amount of insurance purchased.

Show All Answers

1. What is a floodplain?
2. What is a floodway and who designates it?
3. How do I find out if my property is in a floodplain?
4. What are the penalties if I don't secure all my permits?
5. How are premiums calculated?
6. What constitutes as substantial improvement or substantial damage?
7. How are flood hazard areas and flood levels determined?
8. What are flood hazard zones and what do they mean?
9. If a Flood Insurance Rate Map (FIRM) is believed to be incorrect, what can be done to change it?
10. What is Letter Of Map Amendment (LOMA)?
11. What comprises technical or scientific data?
12. What is a Letter Of Map Revision (LOMR)?