How is flood insurance calculated?

Answer There are three main factors used to calculate the cost of flood insurance: the amount of coverage, the age of the home and the flood zone in which the home is located.Zone DeterminationThe flood z... Read More »

Top Q&A For: How is flood insurance calculated

Are lenders requiring flood insurance in flood zones?

On One Hand: Insurance is NecessaryAccording to the United States Department of the Treasury, banks have to require you to purchase flood insurance before giving you a mortgage if the property is o... Read More »

Do you need to have flood insurance in a flood zone?

Not if you don't have a mortgage.But if you have a standard mortgage, one of the conditions of that mortgage, is that you carry both hazard and flood insurance, if the property is located in a high... Read More »

IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?

Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo o... Read More »

How are insurance premiums calculated?

Insurance premiums are calculated based on risk. Individuals determined to represent a high risk will pay more than those deemed a lower risk to the company.LocationAuto and health premiums are hig... Read More »