Tag: flood insurance

Flood Insurance: What It Costs & How to Save
June 25, 2024 Off

Flood Insurance: What It Costs & How to Save

By The Admiral Staff

Floods are a common and costly natural disaster in the U.S., with even a small amount of water causing over $25,000 in damage. Flood insurance, primarily backed by the federal government, is crucial but averages around $888 annually. Coverage is required for homes with government-backed mortgages in high-risk areas and offered through the National Flood Insurance Program (NFIP) and private companies. Factors like location, home construction, coverage amounts, and deductible choices impact

Above the Flood: Weighing the Costs and Benefits of House Elevation
May 15, 2024 Off

Above the Flood: Weighing the Costs and Benefits of House Elevation

By The Admiral Staff

Elevating a house in a flood zone can cost between $10,000 and $100,000, potentially reducing flood insurance premiums by 30-60% and increasing resale value by up to 25%. While initial costs can be significant – ranging from $10-$30 per square foot to simply elevate, or $20-$80 per square foot including foundation replacement – homeowners may be eligible for FEMA loans up to $30