What government agency features a flood insurance calculator on its website?


Quick Answer

The National Flood Insurance Program (NIFP) includes a flood insurance calculator on its website, Floodsmart.gov, to help consumers estimate their flood insurance premiums and exposure to flood risk. The NFIP is administered by the Federal Emergency Management Agency and losses are paid by the federal government.

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Full Answer

The flood zone for a property's location is the primary determinant of the associated flood insurance premium cost. The National Flood Insurance Program offers a preferred risk policy with subsidized rates to encourage a broader geographic spread of risk. This policy is available to property owners in low- and moderate-risk flood zones.

In 2015, premiums for preferred risk policies ranged from $130 to $450 per year. By comparison, owners of properties in high-risk flood zones must purchase policies at levels substantially higher than standard rates. Premiums for these policies, which are also based on a property's location, age, type of construction and elevation cost thousands of dollars per year as of 2015.

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