There is a very big range of cost for flood insurance – roughly from $400 for a preferred Risk Policy to over $10,000 for a non-primary residence built in a high-risk zone significantly lower than Base Flood Elevation (BFE).
There are many factors involved in the rating, but it is mostly the difference between your first finished floor elevation and the BFE of your location. If your first finished floor is significantly higher than the base flood elevation, the cost will be lower.
Other key factors that will be key in the rating of flood insurance are:
- Primary vs non-primary residence
- Age of home
- Number of floors
- Type of foundation
- Proper flood venting in crawl space