What specific list of questions should I ask a Flood Insurance Agent to make sure I get an accurate price quote? How should I compare multiple quotes?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Oct 23, 2011

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Insurance Question from Aventura, FL

Asked on 10/23/2011

What specific list of questions should I ask a Flood Insurance Agent to make sure I get an accurate price quote? How should I compare multiple quotes? I'm in the process of purchasing required flood insurance for my 1565 sq. ft. condo located in Aventura, FL. I'd like to know the right "list" of questions to ask an agent to receive an accurate quote, and be able to compare that quote with other agents' quotes. It's kind of like buying a car, you always ask for a breakdown, "out the door" price because there are so many variables that come into play when purchasing.

Answer given on October 24, 2011

Flood insurance is managed by FEMA, but sold through most insurance agencies throughout the country. The rates are set by FEMA, based on the location of the home, year built and how it was built. This includes how high the foundation is set, if there is a crawlspace or not, if the home is elevated.If the home was built before the community began participation in the flood program there are adjustments made for the construction. If it was built after the community entered,there are more expectations that the home meet building requirements for flooding. When you talk to your agent, be sure you have an accurate year built and if there is an elevation certificate available. If you don’t know, you may contact your local building department which may have information. Your agent should then be able to provide you with an accurate quote. There is no point in shopping around for this insurance, since the rates are the same, since they are set by FEMA.

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