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How can I lower the cost of my flood insurance?
I pay $2,000 a year for flood insurance and my homeowners policy is only $500 a year. How can I lower the cost of my flood insurance? Is there a cheaper company?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sorry to hear that you’re paying so much for flood insurance!
Unfortunately, you can’t lower the cost of your flood insurance. FEMA, or the Federal Emergency Management Agency manages flood insurance through the National Flood Insurance Program or NFIP. Any community located in a high-risk flood zone that has opted into NFIP allows its community members to purchase flood insurance.
Additionally, if you have a mortgage or another type of federal loan, you are required to purchase flood insurance if there is any possibility of a flood.
Through NFIP, there is a program called Write Your Own. This program allows private insurers like
Nationwide
to offer flood insurance. However, NFIP and FEMA set rates. Even if you have a low home or car insurance
through a private insurer, it doesn’t mean your flood insurance will change.You also aren’t likely to see a reduction in insurance rates unless there is a federal rate change. While you may not be able to lower the cost of your flood insurance, you may be able to see if you can bundle your policies. Many insurers offer multi-policy discounts, which could potentially save you some additional money if one company insures you.
One place to start for multi-line insurance discounts is through your current provider. But if they don’t offer it, do some research and narrow down your scope. Then, check out the
Jerry
app. This app allows you to compare numerous rates to get the best coverage and discounts for your car and home insurance needs.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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