NFIP vs Private Flood Insurance Cost Comparison Calculator

Formulas Used

NFIP Annual Premium:

Building Premium = (Building Coverage / 100) × Zone Base Rate
                   × Foundation Multiplier × Building Type Multiplier
                   × Elevation Factor × Deductible Discount

Contents Premium = (Contents Coverage / 100) × Zone Contents Rate
                   × Foundation Multiplier × Building Type Multiplier
                   × Elevation Factor × Deductible Discount

Elevation Factor:
  If above BFE: 0.90 ^ feet_above_BFE   (10% reduction per foot)
  If below BFE: 1.15 ^ feet_below_BFE   (15% increase per foot)

NFIP Total = Building Premium + Contents Premium
           + Federal Policy Fee ($50)
           + HFIAA Surcharge ($25)
           + ICC Surcharge (0.004% of coverage, max $75)
           + Reserve Fund Assessment (18% of base premiums)
  

Private Flood Annual Premium:

Private Building Premium = NFIP Building Premium × Private Rate Adjustment
                           × Claims Surcharge Factor

Private Contents Premium = NFIP Contents Premium × Private Rate Adjustment
                           × Claims Surcharge Factor

ALE Premium (optional) = Private Building Premium × 10%

Private Total = Building + Contents + ALE + Policy Fee ($75)
              + Surplus Lines Tax (3%, Zone X only)

Private Rate Adjustments by Zone:
  Zone X:  0.60 (40% cheaper)
  Zone AE: 0.85 (15% cheaper)
  Zone A:  0.90 (10% cheaper)
  Zone VE: 1.05 (5% more expensive)
  Zone AO: 0.88 (12% cheaper)

Claims Surcharge (Private):
  0 claims: ×1.00 | 1 claim: ×1.15 | 2 claims: ×1.35 | 3+: ×1.60