From Fur Babies to Fire Hydrants: Your Home Insurance Premiums

When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.

How To Save Money On Flood Insurance

Insurance Blog

The idea of saving money appeals to everyone. So, if you have been paying high flood insurance premiums, there is a way you can reduce them. This article will highlight tips to cut your flood insurance cost. 

Increase Your Deductibles

As is the case with all types of insurance, you can lower your annual or monthly premiums by simply increasing your deductibles. So, in case a flood occurs and causes damage to your home, you'll have to pay a high amount from your pocket before the flood insurance company compensates you.

Shop Around

You can't get a good deal if you aren't open to shopping around. Shopping around gives you many options to choose from. That said, look for private insurance companies and compare the prices. Alternatively, you can ask an insurance agent to help you identify a flood insurance package that suits your budget.

Elevate Your Appliances

If you wish to have your flood insurance premium lowered, you should elevate your appliances. So, if you have some expensive appliances in your home, consider elevating them. Protecting your possessions from high-risk flood zones should get private insurance companies and NFIP to lower your insurance premiums.

Get an Elevation Certificate

Insurance companies use elevation certificates to determine your monthly or annual premium. So, once you elevate your home, get an elevation certificate, as it might help lower your flood insurance premiums. Remember, the higher the Base Flood Elevation, the lower the rate you'll pay. Even though an elevation certificate isn't a must-have, it could be helpful when you want to save money on your premiums.

Flood Proof Your Home

Before you ask an insurance company to review your monthly premiums, ensure you have flood-proofed your home. Surprisingly, you can save more on flood insurance after flood-proofing your property. So, ensure that your structure is sealed to prevent floodwaters from seeping into your home. You can flood-proof your home in the following ways:

  • Installing flood openings
  • Shelving
  • Elevating your appliances
  • Installing shields in doorways
  • Sealing cracks in your foundation

Obtain a LOMA

If you feel your home is in an area that's not prone to floods, you should obtain a Letter of Map Amendment. Maybe your home was mapped in a flood zone by mistake. As such, you might be paying a lot of money on flood insurance, yet you are in a low-risk zone. Luckily, the flood map can be updated once a LOMA is issued. This way, you'll get to save money on flood insurance.


5 December 2022