The National Flood Insurance Program is a federally sponsored insurance program which provides a maximum flood coverage limit of $250,000 on single family dwellings, two to four family dwellings and condo units. The maximum coverage limit on contents is $100,000. The coverage can be purchased through insurance agents such as Connecticut Insurance Services. Coverage is written through local insurance companies who collect the premium and pay claims for the National Flood Insurance Program.
The premium is based on the flood zone. Zones are determined by the army corp of engineers and plotted on flood maps, which are available for inspection in town halls. Homes built prior to the date your town became eligible to participated in the flood insurance program can be manually rated when the flood zone is known. Homes built after your towns eligibility date or substantially renovated or added to after the eligibility date will require a surveyors flood elevation certificate for the zones described in sections 2 & 3 below.
The flood zones can be categorized as follows:
- A99, B, C & X - are zones of minimal flooding potential but are still categorized as potential flood areas. This may be a home near a stream or near the sound but considerably elevated. Premiums in these zones are the lowest with $250,000 of building coverage costing in the $350 to $440 range annually based on current rates.
- A, AE, A1-30 AO, AH& D - are areas subject to more flooding potential. This may include areas near the sound but with some modest elevation and not subject to direct impact of wave damage. This would also include areas near rivers, streams etc., with more significant chance of exposure to flooding. Premiums in A zones with $250,000 of building coverage in the $1,600 to $2,400 range based on current rates.
- V, V1-30 & VE - are areas of direct exposure to not only flooding but also wave wash. These areas do not have significant enough elevation to merit the A zones described above. Premiums in these V zones with $250,000 of building coverage in the $2,400 to $5,000 dollar range. The low-end premium being those homes without a basement and the high end premium being those homes with a basement.
All premiums can be reduced with a credit for higher deductibles. The above rates are based on a range of deductibles. The minimum deductible is $1,000. The maximum deductible is $5000 for dwelling coverage. Coverage for contents other than in the basement can be added for an additional premium. The maximum contents limit is $100,000.
Excess Flood Protection provides higher limits of coverage than the NFIP federal limit (the standard $250,000 dwelling coverage) in the event of catastrophic loss by flooding. Therefore, excess flood insurance responds after primary flood coverage limits have been exceeded. The cost of excess flood insurance varies, depending on the risk of flood and the replacement value of the property. Please contact our agency for further information and quotes.