What factors determine flood insurance premiums?
A number of factors determine premiums for National Flood Insurance Program (NFIP) insurance coverage. Major factors include the amount of coverage purchased; the deductible; and the location, age, occupancy and type of building to be insured. For newer buildings in floodplains, the elevation of the lowest floor relative to the elevation of the 1 percent annual chance flood can also be used to rate the policy.
