NOT ALL FLOOD QUOTES ARE EQUAL

The Facts About Rates

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. However a comparison of flood insurance price quotes will vary among insurance companies and agents that represent  insurance companies.

It’s not uncommon to hear an insurance agent trying push a flood quote to say to a potential customers the “rates are the same for everybody“.  This is only a half correct statement as many already know from their own personal prior experience in dealing with other insurance products. Quoted rates vary similar to homeowners dwelling, vehicle, boat and life insurance quotes received from various insurance agents.

While FEMA flood insurance base rates do not differ from company to company or agent to agent it’s not uncommon for many of the legacy insurance companies or write your own insurance companies to price-in additional costs into their prices quotes to cover such items as marketing, advertising, field operations, back office, and a host other costs.  So while base rates for flood insurance rates do not differ from company to company or agent to agent not all flood quotes are created equal.

Flood insurance rates vary from property to property even in the same area 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
• Property flood history
• Deductibles amount for building and contents coverage