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Flood insurance is one of those things that homeowners and business owners often don’t think about until it’s too late. But as extreme weather and flooding events become more common, insurance premiums seem to keep climbing. If your flood insurance premiums are getting too high, don’t panic—there are smart ways to reassess your coverage, adjust your flood protection strategies, and save big in the long run.
In this guide, we’ll break down a few actionable tips you can take today to make sure you’re not overpaying on flood insurance. Whether it’s reviewing your coverage, floodproofing your property, or taking advantage of special programs, these tips can help you keep your premiums in check while still staying protected from costly flood damage.
Know Your Flood Risk: It’s the First Step to Cutting Costs
Flood insurance premiums are based on how much risk your home or business is exposed to. But here’s the thing: many people overpay for insurance because they don’t fully understand their flood zone or they aren’t aware of recent updates to flood maps. Knowing your actual risk is the first step in making sure you’re paying a fair premium.
How to Check Your Flood Zone
Start by visiting the Federal Emergency Management Agency's (FEMA) website and using their Flood Map Service Center. This tool allows you to search for your property and see if you’re in a high-risk flood zone or a moderate/low-risk area. If your home or business isn’t in a high-risk zone, you might qualify for lower premiums, and it’s worth talking to your insurance provider about adjusting your rates accordingly.
If you believe your flood zone designation is inaccurate, you can request a Letter of Map Amendment (LOMA) to have it reassessed. This process could potentially lower your insurance costs if your property is no longer considered a high-risk area.
Elevate Your Deductible to Save Big on Premiums
One of the easiest ways to save on flood insurance is by raising your deductible. A deductible is the amount you pay out of pocket before your insurance kicks in, and choosing a higher deductible means your insurer takes on less risk—so they reward you with lower premiums.
What’s the Right Deductible for You?
Raising your deductible doesn’t mean you should go overboard. While a higher deductible can significantly lower your premiums, you need to make sure you’re comfortable with the amount you’d have to pay in the event of a flood. For many homeowners, increasing their deductible from $1,000 to $5,000 can result in significant savings while still keeping that deductible manageable in case of an emergency.
Contact your insurance provider to see how much you could save by raising your deductible. This is an easy conversation to have that could lead to big savings.
Floodproofing Your Property Can Lower Your Premiums
Floodproofing your property isn’t just a smart way to protect your home or business from flood damage—it can also save you big on your insurance premiums. When your property is less likely to sustain flood damage, insurers see you as less of a risk, which can result in lower premiums.
How Flood Barriers Can Help
One of the most effective and cost-efficient ways to floodproof your property is by installing flood barriers. Flood barriers like those offered by Dam Easy are designed to protect doorways, windows, and other entry points from floodwaters, preventing costly damage to your home or business.
These barriers are not only easy to install and remove, but they also provide strong protection during severe weather events. Once in place, flood barriers can make your property more resilient to floodwaters, reducing your risk of damage—and, as a result, helping to lower your insurance premiums.
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Talk to your insurance provider about whether installing flood barriers can make you eligible for discounts or lower rates. It's a win-win: you reduce your flood risk while saving on your monthly insurance costs.
Explore Flood Insurance Discounts
Many homeowners and business owners don’t realize that there are discounts available that can significantly reduce flood insurance costs. Programs like the National Flood Insurance Program (NFIP) offer discounts through the Community Rating System (CRS). Communities that implement floodplain management measures and work to reduce flood risks can earn CRS credits, which can then be passed on to homeowners in the form of lower premiums.
How to Qualify for Discounts
If you live in an area that participates in the CRS program, contact your local government to find out what flood mitigation measures are in place and how they impact your insurance rates. You can also ask your insurance provider if you qualify for other discounts, such as:
- Multi-policy discounts: If you have multiple insurance policies (like homeowners and auto insurance) with the same provider, ask about bundling to save on both policies.
- Loyalty discounts: Some insurers offer discounts for long-term customers.
- Claims-free discounts: If you haven’t filed a flood insurance claim in several years, you may be eligible for reduced premiums.
Reevaluate Your Coverage Needs
It’s easy to fall into the trap of paying for flood insurance year after year without reevaluating your actual coverage needs. As your property ages, the value of your home or business may change, and so might your coverage requirements.
Don’t Overpay for Unnecessary Coverage
Take a close look at your flood insurance policy and see if you’re paying for coverage you don’t need. For example, you may have high coverage limits on contents that you no longer own or no longer need to insure. Alternatively, your coverage limits on the structure itself may be higher than necessary.
You don’t want to underinsure, but you also don’t want to overpay for coverage that isn’t necessary. Work with your insurance provider to adjust your coverage to match the current value of your property and assets, which can result in significant savings.
Take Action Today and Save on Flood Insurance
By following these tips, you can significantly reduce your flood insurance premiums while still keeping your home or business protected from flood damage. Whether it’s reassessing your coverage, taking advantage of discounts, or installing flood barriers, these strategies will help you stay protected without breaking the bank.
Want to learn more about how flood barriers can help you save on flood insurance? We’re here to help you find the right flood protection solutions for your property and guide you on how to save big on your insurance premiums.
