is $700 annually. Regular home insurance policies tend to exclude flood damage coverage, meaning you will have to purchase a separate policy for flooding.
The exact cost you’ll pay will depend on the risk associated with the area where you live. Flood insurance premiums are higher in areas more susceptible to flood damage. Factors that are taken into consideration include:
Whether you live in a low-, moderate-, or high-risk flood zone
Whether your home is built on low-lying land or an elevated area
The build type and age of your home
Coverage costs also fluctuate based on how much protection you choose. You can pick a higher deductible to mitigate the cost of your premium, but you’ll have to be prepared to cover your deductible in the event of a flood before your coverage kicks in.
For a higher-risk area like Texas, you can expect to pay more for flood coverage. You can get flood insurance from the National Flood Insurance Program (NFIP), which offers lower premiums in high-risk areas. Another option is to look for quotes from private insurers for home and flood insurance.
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