I'm with Amica and my food insurance has gone up a hundred bucks a year and they want $1000 for this year, and I'm thinking there has to be a better option for flood insurance - what do y'all recommend? I know it's administered by FEMA or whatever but I feel like I'm overpaying with Amica's version of flood insurance. I've been on the normal $100k contents $250k building coverage. Thanks!

All flood insurance is the same rate. I have USAA and it's the same deal, flood insurance rate has gone up every single year. It's set by FEMA and rates aren't negotiable.

Edited to clarify, all flood insurance in the same zone is the same rate . You won't get a better deal by shopping agencies.

You can get private flood…if you really want to pay.

All replies are correct. Usually your curre t home insurance company acts as the intermediary on FEMAs behalf and act as a pass through.

You cannot save money by attempting to shop it around.

If you live in the 100yr and have a mortgage, insurance is mandatory by your mortgage holder.

This is the first year I legitimately had to decide if I wanted flood insurance. It has more than doubled over the past few years. My home/street has never flooded (Didn't get above the curb during Harvey).

I went ahead and did it, but another big jump and I don't think I would anymore.

I dropped with the jump after Harvey. I was high point on the street and we have actually improved flood control in the area.

Thanks everyone, I was assuming there was a markup factor that was not competitive but it sounds like it is what it is. Appreciate all the quick responses.

bigjag19 said:

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I dropped with the jump after Harvey. I was high point on the street and we have actually improved flood control in the area.

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Ditto

You can ask to drop the Contents portion of the flood insurance. My house floor is above the flood plain, but a corner of my foundation is in the flood plain, so I'm required to have flood insurance. Dropping my Contents coverage saved a few hundred dollars.

I've had private flood be cheaper than FEMA for a few years with even higher coverage. You should ask for it to be priced if your broker will do it.

I'm now back to FEMA policy, but private flood isn't always more.

Previous house flooded in Harvey but knew it was a risk when bought. Have it now even though our lot is significantly higher than surrounding hood (corner and naturally built up near a fault line) just for peace of mind.

Was fortunate enough to be young/limited assets/married but no kids for the Harvey mess but will keep paying unless I need to seriously cut costs or something. Black swan events will always happen. (Not close to the 100 yr now fwiw but our overall area got hosed by the reservoir release if you were closer to the bayou)

jenn96 said:

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All flood insurance is the same rate. I have USAA and it's the same deal, flood insurance rate has gone up every single year. It's set by FEMA and rates aren't negotiable.

Edited to clarify, all flood insurance in the same zone is the same rate . You won't get a better deal by shopping agencies.

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Not necessarily true. Yes, any carrier/agent can write a fema policy. But you can get private flood insurance. I've had it before and it was less than fema for better coverage. This was when fema really jacked up rates in non flood zones. Have since dropped it so not sure anymore.

We had private flood ins last year that was cheaper than FEMA. Our rates went from around $800 to $1400 last year with FEMA (no flooding and I don't think the area was that bad either ). Private was around $1k. This yr private sent a renewal for $2300. Went back to FEMA for $1400.

We have private flood insurance with Neptune. Rate went up about $100 from last year.

Cibalo said:

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We have private flood insurance with Neptune. Rate went up about $100 from last year.

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What bothers me the most is that unless you really want to pay big bucks you get 250k of coverage which doesn't really scratch the surface of the potential exposure for many people.

Seamaster said:

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Cibalo said:

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We have private flood insurance with Neptune. Rate went up about $100 from last year.

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What bothers me the most is that unless you really want to pay big bucks you get 250k of coverage which doesn't really scratch the surface of the potential exposure for many people.

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The premium is a small drop in the bucket compared to the cost of having to cover all the losses out of pocket.