The most important factors which come into play while determining the cost of flood insurance for homes are the risks involved and the tenor of the loan. Here are some factors taken into consideration to calculate costs:
Number of floors in the house or building
Placement of personal belongings
The area’s risk factor pertaining to the climate and water-bodies around it
Age of the house(current durability)
The above factors influence the premium rates, for example, if your home has a basement you may be required to pay $425. You may have to make an additional payment of $250 for non-residential property falls into the calculation, while it is $25 for residences.