Got Flood?

Flooding occurs in moderate- to low-risk areas as well as in high-risk areas.  Know what your flood risk are and how to take action to mitigate potential losses due to flooding.

Most homes outside of high-risk areas qualify for the National Flood Insurance Program’s Preferred Risk Policy (PRP).

  • PRPs offer the same quality of coverage as a Standard Flood Insurance Policy, providing you with both building and contents options.
  • PRPs are available in most communities across the country—wherever flood insurance is sold and available to homeowners, condominium unit owners, and renters.

PREFERRED RISK PREMIUM TABLE: Residential

BUILDING & CONTENTS CONTENTS ONLY
COVERAGE Annual Premium COVERAGE Annual Premium
with Basement or Enclosure without Basement or Enclosure Contents Above Ground Level More Than One Floor All Other Locations Basement Only not eligible
$20,000/8,000 $177 $146 $8,000 $48 $71
$30,000/12,000 $215 $184 $12,000 $68 $101
$50,000/20,000 $277 $246 $20,000 $106 $145
$75,000/30,000 $327 $291 $30,000 $123 $169
$100,000/40,000 $360 $324 $40,000 $138 $189
$125,000/50,000 $378 $341 $50,000 $153 $210
$150,000/60,000 $400 $364 $60,000 $168 $231
$200,000/80,000 $442 $400 $80,000 $196 $255
$250,000/100,000 $474 $425 $100,000 $226 $280

Effective 4/1/16 for properties currently mapped in B, C, or X Zones.

This table only refers to 1-4 Family Residential. Other residential buildings and contents coverage combinations are available.

Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

  1. The maximum amount of NFIP coverage available for the particular property type,
  2. The outstanding principal balance of the loan, or
  3. The insurable value of the structure.

If the property is not in a high-risk area, but instead in a moderate- to low-risk area, federal law does not require flood insurance; however, a lender can still require it. In fact, over 20-percent of all flood insurance claims come from areas outside of mapped high-risk flood zones.

Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance.

Using the Newly Mapped procedure, lower-cost Preferred Risk Policy (PRP) rates are available for structures newly identified in high¬risk flood areas when a new flood map becomes effective.

  • Buildings located in Zones B, C, X, or D before a new map becomes effective and newly identified in a high¬risk area (e.g., Zones A or V) on a new flood map are eligible for PRP rates for the first 12 months following the new map’s effective date.
    • Note: The total premiums are slightly higher than a standard PRP due to a higher Federal Policy Fee and Reserve Fund Assessment.
  • After the first year, the rates will begin transitioning to a full-risk rate with annual rate increases of no more than 18 percent (excluding the HFIAA surcharge). Click here for more information on HFIAA.
  • To be eligible for the Newly Mapped procedure, a building must meet PRP loss history requirements. If it is not eligible, Grandfathering might be an option using standard Zone X rates. Click here for more information on grandfathering.
  • Owners of buildings in a newly mapped high¬risk area should be encouraged to purchase a PRP before the new map becomes effective. Not only is the actual risk higher than thought to be, but you are also able to renew your policy at lower cost PRP rates during the first 12 months after the new map becomes effective. In other words, you could possibly gain almost an extra year at PRP rates.

"Remember rain or shine, knowing you're covered gives you peace of mind."

- Floyd Waters

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