Lowering Your Insurance Costs
- The Costs of Insurance: Insurance costs vary; premium rates are dependent on a variety of factors, including a property’s flood zone designation which is shown on the Flood Insurance Rate Maps (FIRMs).
- Preferred Risk Policy (PRP): A PRP offers lower-cost protection for homes and apartments in areas of low to moderate flood risk. Such areas are designated as B, C, or X zones on a FIRM.
- Mitigation: Insurers reward policyholders for proactively reducing the risk of flooding. Below are a few techniques that will lower your premiums; to learn more about mitigation, click
- Community Rating System (CRS): The CRS is designed to reward responsible floodplain management in communities that exceed minimum NFIP standards. Under CRS, flood insurance premiums are discounted to reflect a community’s reduced risk of flooding.