All home and business owners have an obligation to obtain mandatory flood insurance, which brings high flood insurance costs even though there is low risk of flooding. (www2.erie.gov)
The average flood insurance cost is around $ 700 a year, with people in high - risk areas paying more and people in moderate - or low - risk areas potentially paying less. (policygenius.com)
Two of the most influential factors in determining flood insurance costs are your home's location on a flood map and elevation. (valuepenguin.com)