Residential Flood Insurance Policy Rates

Residential Flood Insurance Policy Rates

The problem with stating facts and prices on pages such as this is that they are so very soon outdated, but I’ve promised you some information on residential flood insurance policy rates and I never go back on my promises, so what I’m going to do is to give you some kind of “ballpark” figures for you to go on . . . You might be surprised at how reasonably you can have a residential flood insurance policy, (on the other hand you might think it’s a bit pricey – it’s all relative). Anyway, here goes . . .

Residential Flood Insurance Policy Rates for Moderate-to-Low Risk Areas

As we’ve already discussed, those who live in a moderate to low risk area are very often eligible for a Preferred Policy Risk, so if that’s you, in Zones B, C, or X . . . take a look at these figures. There are two sets of prices, one which will include building & contents insurance, and another cheaper set which is for content insurance only (commonly taken up by renters), except you’re not allowed to have a contents only residential flood insurance policy if you keep all of the contents in the basement!

  • $20,000 building / $8,000 contents cover – available for between $130 – $150 per year, depending on whether you want to include the basement. You can insure the contents only for $8,000 for a premium of between around $50 – $70 (depending on which floor you live on). That doesn’t seem expensive does it?
  • $30,000 building / $12,000 contents – between $160 – $185 , with contents only for the $12,000 for between $65 and $90-ish. $90-ish, that wasn’t a number when I was at school – I told you it was only rough estimates. That hasn’t gone up much for the extra $4,000 worth of contents, it’ll only cost you around $20 more!
  • $100,000 building / $40,000 contents – I know it’s a big jump, there are other prices in between, this is just to give you a few ideas!! Right, now that’s sorted out, it’ll be between $275 – $300-ish, with premiums of $125 – $165 for contents only. You see, the insured amounts jump up much higher than the price of the premiums.
  • $200,000 building / $80,000 contents – will cost you around $350 – $375 per year, with between $170 and $220 for contents only.

Okay, remember, that’s for the people who live in the moderate to low risk zones who are eligible for the Preferred Risk Policy. If you aren’t eligible you’ll have to take a standard policy with is available in 3 different rates, Building & Contents insurance together, Building & Contents insurance apart!

  • $35,000 building / $10,000 contents together is around $480, if you split it the building only premiums will be about $350 with the contents only about $175. That doesn’t add up does it, you’d better go for the whole thing together. Let’s look at the next price band.
  • $50,000 building / $15,000 contents together is about $675, (is it just me or does this seem much more expensive than the Preferred Risk Policy?), right, if you split the premiums it will cost you round about $475 for the building and $240 for the contents.
  • $100,000 building / $30,000 contents for $1,000 (give or take a buck or two), with separate prices of $650 for the building and the contents only policy for just less than $400.
  • $250,000 building / $100,000 contents for $1,640-ish together, or $1000 and $675 separately.

Are you starting to get the hang of how it works? Together is definitely cheaper, but if you don’t need the buildings flood insurance then the contents only will do the job just fine. But what about the people who live in high risk areas, a bit “closer to the river bank” as it were, the A Zones.

Residential Flood Insurance Policy Rates for High Risk Areas

  • $35,000 building / $10,000 contents would set you back around $475 together, and separate to $375-ish for the building and $140 for the contents.
  • $50,000 building / $15,000 contents would cost just a little less than $640 together, and $490 and $190-ish separately. Now I know what you’re thinking, it’s a little bit less than the people in the low risk areas are paying, I don’t make the rules you know . . .
  • $100,000 building / $30,000 contents would be $1,100 together, and $800 and $330 apart.
  • $250,000 building / $100,000 contents would cost around $2,750 together (that ones much higher isn’t it) and $1,700 building with a little over $1,000 contents if you have separate policies.

If you live in high risk V Zones (coastal areas) the prices are even more . . .

  • $35,000 building / $10,000 contents would be $580, $450 and $170 respectively (can you understand how I’m doing this now, it’s the same as above anyway, it’s not rocket science). The first price is together, the second price is buildings only and the third price is for contents only. Right, I’ll carry on in shorthand then . . .
  • $50,000 building / $15,000 contents would be $800, $600 and $225 or thereabouts.
  • $100,000 building / $30,000 contents would cost you $1,750, $1,350 and $500.
  • $250,000 building / $100,000 contents would be almost $6,000, (wowee!) $3,600 and $2,400.

Don’t take these prices as gospel, they are for information purposes only. As usual there are all sorts of policy fees and premiums, plus ways to reduce the costs by having higher deductibles etc, but there you have it, as promised . . . RESIDENTIAL FLOOD INSURANCE POLICY RATES . . . sort of!

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