Renter

coverage_renterIf you are a renter, it is wise to insure your contents. The policy premium is based on several factors, including the flood risk of the building that you occupy.

Moderate-To-Low-Risk

Most renters in moderate-to-low risk areas are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. In fact, residential premiums in moderate- to low-risk areas start as low as $57 per year for Contents Only coverage.** As of Oct 1,2013
*$57 annual premium provides $8,000 in contents coverage.

If you don’t qualify for a Preferred Risk Policy, a standard-rated policy is still available. Even though flood insurance isn’t federally required, anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it’s available, disaster assistance is typically a loan you must repay with interest.

High-Risk

If you live in a high-risk area, a standard-rated policy is the only option for you. It offers separate building and contents coverage.

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of coverage

 

[columns gutter=”20″][one_third]Back to Homeowner[/one_third][one_third][/one_third][one_third]Go to Condo Owner / Renter[/one_third][/columns]