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Real-World Examples and Considerations
According to a study by the Insurance Information Institute, the average NFIP premium in 2022 was approximately $700 per year, but this can vary significantly based on location and flood risk1. In contrast, private flood insurance premiums can be more competitive, especially for properties with lower flood risk or those that have implemented flood mitigation measures.
For instance, homeowners in low-risk areas might find private flood insurance premiums as low as $400 annually, while those in higher-risk areas could see savings of 10-20% compared to NFIP rates2. Additionally, private insurers may offer more rapid claims processing, which can be crucial in the aftermath of a flood.