How much is flood insurance? and who is it that is used?

Question

Ok so Im doing a project and I have searched everywhere and they keep telling me to give all this information and I just dont want to be cause its a school project! So anyway can anyone tell me how much flood insurance is and who was/ is used with it ? (the company/ association?)

Answer 1

How much is a house to buy?

You can't get rates without all that information.  

All flood insurance is underwritten and regulated through the national flood insurance plan - www.nfip.com  

Check out that website for faq's.

Answer 2

It depends on the type of structure you have, the age, location etc.

Flood insurance in New Orleans is much more expensive than in Denver, Colorado.  That's because New Orleans is more likely to flood.

If your local agent (for your parents homeowners) sells flood, it may be worth it to call and make an appointment to meet with them. They may be able to give you an idea of flood pricing in your area.

Flood insurance is underwritten by the Federal Government -- not insurance companies (like Allstate, State Farm etc).  However, the agents for Insurance companies are authorized to sell the flood polices and adjusters that have completed the flood certification can handle those claims. But the insurance company gets paid back by the federal government. So, it may be a State Farm agent and a State Farm adjuster that handles the claim....but in the end, it's the federal governments money.

Also check out the NFIP web site. Flood insurance can be a tricky thing and not all communities qualify for it. It's way too complicated for us to go into here.