How is my Flood Insurance Premium decided? What factors into this equation?
National Flood Insurance Program (NFIP) flood insurance rates do not differ from company to company or agent to agent. All policy premiums include certain fees and surcharges, so ask your agent about these when discussing a price quote.
The amount you pay for your policy is calculated based on factors such as:
- Year of building construction
- Building occupancy
- Number of floors
- Location of its contents
- Flood risk (e.g., its flood zone)
- Location of the lowest floor in relation to the Base Flood Elevation on the flood map
- Deductible and amount of building and contents coverage
protecting you is our business
Great North Insurance works with a multitude of insurance providers to get value out of your hard earned dollar.