If you had flood damage, don’t be afraid to file a claim under the National Flood Insurance Program (NFIP). Unlike other property policies that often use prior claims to determine premiums, NFIP premiums do not rise due to the filing of a claim.
Flood insurance premiums under NFIP are not determined the same as homeowners policy premiums. NFIP premiums typically reflect flood risk—if a dwelling is built in a high-risk area, the higher it’s built above what’s called the Base Flood Elevation (BFE), the lower the premium will be --because the potential for flood damage is diminished.
