If you are a homeowner with a home business, it’s important to insure not only your home and its contents but also your business property. Depending on your property location, your home is either considered at high-risk or at moderate-to-low risk for a flood. Your insurance premium will vary accordingly.
Moderate-to-Low Risk – Most homeowners with commercial property in a moderate-to-low risk area are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP. In fact, residential building, contents coverage, and commercial contents coverage starts at $264 per year.
High-Risk – If you live in a high-risk area, a standard homeowners or commercial rated policy is the only option for you. It offers separate building and contents coverage. If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy.
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 building and contents coverage
In the U.S., call Toll-Free: 888.265.1220
Phone: 561.243.0505 Fax: 866.297.8549