Premiums "vary widely," depending on the individual risk, said Stevens. In determining price, Stevens explained, flood insurance underwriters consider several factors including a particular property's elevation,proximity to bodies of water, and whether the dwelling has a basement.
Kinerney states that the average premium plans is usually $500-$600 per year, and the average deductible is $500 if you live outside a floodplain, and $1,000
if you live inside a floodplain.
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