How are flood insurance premiums calculated?
A number of factors are considered in determining the premium for flood insurance coverage. They include the amount of coverage purchased; location; age of the building; building occupancy; design of the building; and, for buildings in SFHAs, elevation of the building in relation to the base flood elevation. Buildings eligible for special low-cost coverage at a pre-determined, reduced premium rate are single-family and one- to four-family dwellings located in Zones B, C, and X. For these exceptions, certain loss limitations exist. (See the “Flood Hazard Assessment and Mapping Requirements” section for definitions of flood zones.
A number of factors are considered in determining the premium for flood insurance coverage. They include the amount of coverage purchased; location; age of the building; building occupancy; design of the building; and, for buildings in SFHAs, elevation of the building in relation to the base flood elevation. Buildings eligible for special low cost coverage at a predetermined, reduced premium rate are single-family and 1-4 family dwellings located in zones B. C, and X. For these exceptions, certain loss limitations exist depending on the amount of insurance purchased.
