Can preparing for a flood before it happens lower my insurance costs?

Often times, people who live in flood zones need to purchase separate flood insurance. That being said, flood insurance can be costly and homeowners wonder if there is any way that they try to reduce some of the costs that are associated with this type of insurance.

Luckily, there are a few adjustments that homeowners can make to their home in an effort to reduce their flood insurance premiums. One of the most significant ways that a homeowner can reduce their flood insurance premiums is by elevating their home. According to Federal Emergency Management Agency, or FEMA, elevating a home to make it one foot higher than the Base Flood Elevation can reduce annual premiums by about 30 percent. Of course, elevating a home is no small task and not all homes can be elevated. A few of the other ways that homeowners can try to reduce their flood insurance premiums are as follows:

  • Make sure all electrical, heating, air conditioning, and plumbing are located above the base flood elevation, if possible.
  • Install designated flood openings
  • Relocating the house above the base flood elevation, if possible

Of course, it is always best to consult with your insurance company to see what discounts they offer.

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.