How can I pay less for flood insurance in Florida

Your insurance premium is based on a number of factors but there are a few key actions you can take to pay less for flood insurance each year:

Lower your flood risk.

What you pay for National Flood Insurance Program (NFIP) flood insurance often has a lot to do with how much flood risk is associated with your property.

Mitigating your flood risk not only protects your property against flood damage but can also help lower insurance costs. For more information, check out the Homeowner’s Guide to Retrofitting.

Common flood mitigation options include:

  • Elevating utilities
  • Installing flood openings
  • Filling in basements
  • Elevating your property
  • Relocating your home or business

Choose a higher deductible.

Choosing a flood insurance deductible amount is an important decision.

Choosing a higher deductible will lower your premium, but it means you will need to cover more of the cost to rebuild out of pocket (or out of savings).

You may choose different deductibles for building and contents coverage, and the deductibles will apply separately to building and contents claims.

Increasing the deductible on your flood insurance policy to the $10,000 maximum could reduce your annual premium by up to 40 percent. However, using the maximum deductible might not be appropriate or allowable for everyone.

Check with your insurance agent to confirm your deductible coverage amounts and ensure you understand your specific risks and opportunities.

Provide an elevation certificate.

While Elevation Certificates (ECs) will no longer be required to purchase coverage under Risk Rating 2.0: Equity in Action, a property owner may choose to provide an EC and submit it to their agent to determine if it will lower their cost of insurance. ECs will also continue to be used for floodplain management building requirements, which can affect eligibility for Community Rating System discounts.

Your community may receive a discount from the NFIP.

If your community is enrolled in the Community Rating System (CRS), you may receive a discount on your flood insurance.

The discount is calculated based on the community’s efforts to reduce the risk of flooding. If you have questions about the CRS, call your insurance agent or company.

You can also encourage your community officials to take part in the CRS.

Did you know?

The NFIP may provide funding to help elevate or relocate your home or business – up to $30,000. Ask your insurance agent or company about Increased Cost of Compliance grants.


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