The FEMA flood insurance program has a large deficit mostly due to underpricing insurance for some high risk areas. They are raising those rates so I was thinking that insurance for low risk areas might become more affordable.
The local independent agent wouldn't give me a quote for flood insurance only so I contacted Farmers/Foremost from the list. https://www.floodsmart.gov/flood-insurance-provider
My "total premium" with surcharges and fees was $625 for 250k building coverage and 100k contents for zone X minimal risk. Raising the deductible to 10k, the maximum, saves only $30. The 250/100 limits are the maximum and wouldn't cover my cost to rebuild.
This seems like a lot to pay for partial coverage in a "minimal risk" zone. Am I making a mistake?
The local independent agent wouldn't give me a quote for flood insurance only so I contacted Farmers/Foremost from the list. https://www.floodsmart.gov/flood-insurance-provider
My "total premium" with surcharges and fees was $625 for 250k building coverage and 100k contents for zone X minimal risk. Raising the deductible to 10k, the maximum, saves only $30. The 250/100 limits are the maximum and wouldn't cover my cost to rebuild.
This seems like a lot to pay for partial coverage in a "minimal risk" zone. Am I making a mistake?