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Cost-Effective Coverage
One of the most compelling reasons to consider NFIP insurance is its cost-effectiveness. Premiums vary based on factors such as the level of flood risk in your area, the age and design of your building, and the amount of coverage you choose. However, the average annual premium is around $700, which is a small price to pay compared to the potential cost of flood damage4.
Moreover, NFIP policies are subsidized by the federal government, making them more affordable than private flood insurance options. For those who qualify, there are also discounts available for properties that have taken measures to mitigate flood risk, such as elevating the building or installing flood openings1.