Why your homeowners policy doesn't cover floods, exactly what flood insurance does and doesn't pay for, how to choose between NFIP and private coverage, and — if your premiums keep climbing with no losses — what you can actually do about it.
Standard homeowners insurance has excluded flood damage since the industry's earliest days — and that exclusion is not an oversight or a technicality. It is a deliberate underwriting decision rooted in a fundamental problem: flood risk is not diversifiable the way fire or theft risk is.
Insurance works by pooling a large number of independent risks. When one home burns, it is almost certainly not burning because every home in the region is on fire. The losses are statistically independent — spread across time and geography — so premiums from many policyholders fund claims from a small number of them in any given year.
Floods don't work that way. When a flood hits, it hits an entire watershed simultaneously. Hundreds or thousands of properties in the same area file claims at the same time. The catastrophic, correlated nature of flood losses — concentrated by geography and occurring at once — makes it impossible for a private insurer to profitably offer flood coverage at premiums that most property owners would willingly pay. The actuarially sound premium for a property in a high-risk flood zone would be unaffordable for most owners, and low-risk properties wouldn't generate enough premium revenue to offset the aggregate losses from high-risk ones.
The private insurance industry largely abandoned flood coverage in the late 1800s and early 1900s after a series of catastrophic losses. Congress created the National Flood Insurance Program (NFIP) in 1968 to fill the gap — providing federally backed flood coverage that the market would not offer sustainably.
No exceptions in a standard HO policy: Flood damage is excluded regardless of flood zone, regardless of what caused the water to enter the structure, and regardless of whether a federal disaster declaration is made. The exclusion covers riverine flooding, storm surge, overflowing storm drains, and surface runoff from saturated soil. Sewer backup is also typically excluded unless you've purchased a specific sewer backup endorsement — and even that endorsement usually won't cover a flood-driven backup. A disaster declaration may unlock FEMA individual assistance grants, but those programs are capped well below the cost of most flood losses.
The NFIP defines a flood specifically for coverage purposes, and the definition matters when claims are disputed. Under the Standard Flood Insurance Policy, a flood is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties from one of the following:
The "two or more acres or two or more properties" requirement is significant. A localized backup of your sewer line or a pipe burst that fills your basement does not meet the NFIP's definition of a flood — those are separate perils covered (or not) by other policies. The NFIP pays for inundation from an external flood event, not internal water damage from your own plumbing or drainage system.
Mudflow is covered; landslide is not. The distinction matters in hilly or mountainous terrain — a saturated hillside that flows as a liquid qualifies; a slope that slides as a mass does not. After events like Hurricane Helene (2024), these definitional lines became the subject of many disputed claims.
The NFIP operates through two delivery channels that are functionally equivalent from the policyholder's perspective but meaningfully different in terms of who you're dealing with.
The vast majority of NFIP policies — roughly 85% — are issued through the Write Your Own program, in which private insurance companies issue policies under their own names using NFIP terms, conditions, and rates. Companies like Wright Flood, Selective Flood, Zurich, and others participate as WYO carriers. When you buy flood insurance through an agent and receive a policy from one of these carriers, you have an NFIP WYO policy.
The coverage terms, policy form, and rates are federally standardized — a Wright Flood policy is identical in coverage to a Selective policy at the same coverage amounts. The carrier handles billing, servicing, and claims processing, but the financial risk is ultimately backed by the federal government. WYO carriers receive a fee for their administrative role; they do not retain flood claim risk.
FEMA directly services a portion of NFIP policies through NFIP Direct — policies issued and administered by FEMA rather than through a private WYO carrier. NFIP Direct is used for policies that WYO carriers decline to write and for policyholders who prefer to deal directly with FEMA. The coverage is identical to WYO policies.
The NFIP has paid out over $75 billion in claims and has carried significant debt to the U.S. Treasury. The program's history of charging premiums below actuarial rates — particularly for older pre-FIRM structures — is a primary reason the program accumulated that debt and why Risk Rating 2.0 was introduced to move premiums toward actuarial accuracy. Understanding this context explains why premiums have been rising and why that trend is structural, not temporary.
NFIP building coverage protects the physical structure and its permanently installed components up to $250,000 for residential properties. That limit has not been adjusted for inflation since 1994. In most housing markets today, $250,000 does not represent full replacement cost — meaning NFIP building coverage alone leaves a structural coverage gap for many homeowners.
This is where many claims fall short of expectations. For below-grade spaces, NFIP building coverage is significantly restricted:
The practical implication: a homeowner who finishes their basement with $40,000 in improvements — drywall, flooring, recessed lighting, a wet bar — and then floods, may receive no building coverage for those finishes. The NFIP covers structure; finished basement improvements are treated as personal property in a below-grade space, which is largely excluded.
Replacement cost vs. actual cash value: NFIP building coverage pays on a replacement cost basis for the primary single-family residence when the building is insured to within 80% of replacement cost and the policyholder lives in the home. For other property types and underinsured structures, NFIP may pay actual cash value — a depreciated amount that can be significantly less than what replacement actually costs.
NFIP contents coverage is purchased separately from building coverage, has a maximum limit of $100,000 for residential policies, and pays on an actual cash value basis — meaning depreciated value, not what it costs to replace the item today. This distinction is significant. A five-year-old couch that cost $1,800 new might have an actual cash value of $600. A refrigerator purchased three years ago for $1,200 might pay out at $700.
Many NFIP policyholders carry building coverage but no contents coverage — discovering this gap only when they file a claim and learn that their furniture, appliances, electronics, and personal belongings are entirely uninsured. Contents coverage is not automatic; it must be specifically purchased.
Contents stored below the lowest elevated floor in a basement, crawlspace, or enclosure are covered on an extremely limited basis. NFIP contents coverage for basements is essentially limited to washers, dryers, and food freezers. Personal property, furniture, electronics, and other contents stored in a basement are not covered under NFIP — regardless of how much contents coverage you purchased. This is one of the most consistently misunderstood aspects of flood insurance and one of the most common sources of post-claim disputes.
If you use your basement: If your basement contains a finished living space, furniture, electronics, a home gym, or significant stored belongings, NFIP provides essentially no coverage for any of it. Private flood insurance policies handle basement contents differently — many cover personal property throughout the structure, including below grade. This is one of the most compelling reasons to evaluate private options even when NFIP is available.
Beyond the basement limitations, flood insurance has exclusions that leave meaningful gaps in coverage for many property owners:
This is the single largest gap for most flood-affected homeowners. NFIP does not pay for temporary housing while your home is repaired. No hotel, no rental, no food and clothing allowance. After a significant flood event, a homeowner whose property is uninhabitable may be displaced for weeks or months — all at their own expense. Standard homeowners insurance typically includes 20–30% of dwelling coverage as ALE; flood insurance has none.
Private flood insurance policies frequently include ALE — often $25,000 to $75,000 or more. For a homeowner in a zone with real flood exposure, the presence or absence of ALE coverage can be the difference between a manageable recovery and a financial crisis.
Automobiles, motorcycles, boats, ATVs, and other vehicles are not covered under flood insurance building or contents coverage. Comprehensive auto insurance — not your flood policy — covers flood damage to vehicles. If you don't carry comprehensive coverage on your vehicle, a flood that destroys it is entirely uninsured.
Lost income from a business operated at the property, lost rental income, and other financial losses from flood are not covered under NFIP residential policies. NFIP commercial policies similarly do not include business interruption coverage. Private flood insurance may offer endorsements for business income and rental income loss.
Trees, shrubs, plants, lawns, outdoor furniture, decks not permanently attached to the structure, fences, retaining walls, seawalls, hot tubs, and swimming pools are all excluded from NFIP coverage. After a flood, the cost of landscaping restoration and outdoor structure repair is entirely uninsured under NFIP.
Cash, coin collections, precious metals, stock certificates, deed books, and other paper valuables are not covered.
Mold and mildew damage that the policyholder could have reasonably prevented after the flood event is excluded. This means you have an obligation to take mitigation steps — removing wet materials, running dehumidifiers, beginning drying out — as promptly as feasible after a flood. Mold that results from delayed mitigation may not be covered even if the underlying flood damage is.
Understanding the claims process before you need it matters. Post-flood, when you're managing displacement, debris, and contractors, is not the time to figure out how the process works.
Report the loss to your insurance carrier as soon as possible after the flood event. For WYO policies, contact the carrier directly. For NFIP Direct, contact FEMA's claims line. You'll receive a claim number and a claims adjuster will be assigned to your file.
NFIP claims are handled by licensed flood insurance claims adjusters. After a major flood event, adjuster availability can be severely constrained — it may take days to weeks to get an adjuster to your property. Document everything you can before cleanup: photographs and video of all damage before removing any materials, receipts or records for damaged items where available, and a written inventory of damaged contents.
Do not wait for an adjuster to begin mitigation. You are obligated to take reasonable steps to prevent further damage — delaying cleanup to preserve the scene can result in mold that reduces your recoverable claim. Document first, then mitigate.
You must file a signed and sworn Proof of Loss within 60 days of the flood event (extensions may be available for major disasters). The Proof of Loss is your formal claim statement — it specifies the amount you're claiming and is supported by the adjuster's report. Missing this deadline can result in denial of your claim regardless of the underlying validity of the loss.
Flood adjusters work from a scope of damages — an itemized list of damaged items with assigned values. The scope is based on the adjuster's inspection and industry pricing databases. It may not fully capture your actual replacement costs, particularly in markets where construction costs have increased significantly since the database was last updated.
If you believe the adjuster's scope is incomplete or undervalued, you have the right to request a re-inspection and to submit your own documentation of costs. For significant claims, engaging a licensed public adjuster — an independent professional who represents policyholders in claims negotiations — is worth considering. Public adjusters typically charge 10–15% of the claim settlement, but can meaningfully increase recoveries on complex or disputed claims.
NFIP claim denials or underpayments can be appealed. The first step is a formal written appeal to the carrier or FEMA. If the appeal is unsuccessful, NFIP policyholders can request a review by FEMA's Office of the Flood Insurance Advocate (OFIA), which provides free assistance to policyholders navigating disputes. For WYO claims, legal action is an option but must be filed within one year of the denial.
The private flood insurance market has grown significantly since 2012 and accelerated substantially after 2021. Several forces have driven this expansion: the NFIP's move toward actuarial pricing under Risk Rating 2.0, reinsurance market development for flood risk, improved flood modeling technology, and federal legislation clarifying that private flood policies can satisfy mandatory purchase requirements.
Private flood insurance is not a single product type. It ranges from surplus lines policies written by Lloyd's of London syndicates to admitted carrier products from established domestic insurers. The range of coverage, pricing approaches, and financial security behind these products varies considerably — understanding what you're buying matters.
The private flood market has several distinct segments worth understanding when shopping:
Some of the broadest coverage available, particularly for high-value or complex properties. Not admitted in all states — claims disputes may have less state regulatory oversight. Often accessed through specialty flood brokers.
Admitted private flood carriers offering standardized policy forms with state insurance department oversight. More consumer protection than surplus lines. Pricing based on proprietary flood models rather than NFIP methodology.
Some carriers offer excess flood policies that sit on top of a primary NFIP policy, covering losses above the $250,000 building or $100,000 contents NFIP caps. A good solution for higher-value homes that want NFIP as the primary layer.
Some carriers offer bundled packages combining homeowners and flood coverage. Simpler to manage and potentially more competitive pricing, but verify that flood coverage terms are equivalent to standalone policies before buying based on convenience.
When comparing private carriers, the most important factors are: admitted vs. surplus lines status in your state, whether the policy qualifies for mandatory purchase compliance, the ALE limit, basement and contents treatment, waiting period, and the carrier's AM Best financial strength rating. A carrier with an A-rated balance sheet is materially different from a start-up flood insurer, particularly in a post-disaster claims environment.
Risk Rating 2.0 (RR2.0) is FEMA's overhaul of NFIP pricing methodology, implemented for new policies in October 2021 and for renewals starting April 2022. It replaced a system that had been largely unchanged since the 1970s with one that prices each property individually based on multiple risk factors — and it is the primary driver of the premium increases that have affected millions of NFIP policyholders.
Under the old system, NFIP premiums were calculated primarily from two inputs: your flood zone (AE, X, etc.) and your building's elevation relative to the BFE. Two houses in Zone AE at BFE paid nearly identical premiums even if one sat on a hilltop next to a small stream and the other was surrounded by water on three sides.
Under Risk Rating 2.0, FEMA calculates premiums based on:
The homeowners who saw the largest increases under RR2.0 fall into a consistent profile: high-value homes in high-risk zones that were dramatically underpriced under the old flat-rate system. A $700,000 coastal home in Zone VE that was paying $2,000/year might have an actuarial rate of $8,000–$15,000 under RR2.0. The cap on annual increases (18% for most policies) means that homeowner is on a multi-year trajectory toward the actuarial rate, with annual increases compounding year after year.
The properties that got decreases are the complement: lower-value homes that were overpriced relative to their actual risk under the old methodology, and properties in moderate-risk zones (Zone X Shaded) where proximity to a flooding source is minimal.
The 18% cap is not a ceiling — it's a rate of travel. FEMA caps annual NFIP increases at 18% for most policyholders. But if your actuarial rate is significantly above your current premium, that 18% compounds annually until you reach it. A policy at $3,000/year with an actuarial rate of $9,000 is facing roughly seven years of 18% annual increases — a trajectory from $3,000 to $9,000 regardless of whether you ever file a claim. The cap slows the journey; it does not change the destination.
One of the most significant criticisms of Risk Rating 2.0 is that FEMA does not publish the actuarial rate for a given property — only the current premium and the fact that increases are capped at 18%. Policyholders receiving annual increases have no way to know from FEMA how far they are from the actuarial floor or how many more years of increases to expect. This opacity makes planning difficult and increases the value of independent analysis of your situation.
This is the question that drives most property owners to seek independent analysis. Your premium has increased 18% for three consecutive years. You have never filed a flood claim. You cannot recall flooding in your immediate neighborhood. And FEMA's response to your inquiry is essentially: your rate is going up and will continue to go up.
Here is what actually moves the needle, in order of most to least likely to help:
For many properties experiencing significant RR2.0 increases, the private market offers substantially better pricing. This is not a universal truth — for some high-risk properties, private carriers decline to write or quote higher than NFIP. But for properties where the NFIP actuarial rate is high due to replacement cost value (a large house near water) rather than purely catastrophic flood probability, private carriers using their own models sometimes price more favorably.
Shopping effectively means getting quotes from multiple carriers — not just your current agent's private flood option. Neptune, Palomar, and surplus lines markets through a specialty flood broker often produce meaningfully different quotes. The private market is not a single price; it is a range, and the range for some properties is wide.
Under Risk Rating 2.0, an Elevation Certificate is no longer required for NFIP rating — FEMA uses alternative elevation data sources. However, if your property sits significantly above the BFE, an EC may still provide pricing leverage. Submitting an EC with favorable elevation data can result in premium adjustment if FEMA's alternative data understated your elevation.
More importantly, if you have an older EC from before RR2.0 implementation, verify that the elevation data it contains is being correctly reflected in your current rating. The transition to RR2.0 introduced data conversion issues for some properties.
If your property's lowest adjacent grade or lowest floor elevation is at or above the Base Flood Elevation, you may qualify for a Letter of Map Amendment — a formal FEMA process that removes your property from the Special Flood Hazard Area. A LOMA eliminates the mandatory purchase requirement entirely. If you then choose to maintain optional flood insurance, you do so at Zone X rates, which are substantially lower than SFHA rates.
A LOMA requires a licensed surveyor to prepare an Elevation Certificate and submit a FEMA application. Total cost is typically $600–$2,000. For a property paying $3,000–$6,000/year in NFIP premiums, the economics are compelling if eligibility exists. This is the highest-leverage option when it applies — it doesn't reduce the rate, it changes the category.
Communities that participate in FEMA's Community Rating System (CRS) earn discounts on NFIP premiums for all policyholders in the community — ranging from 5% (Class 9) to 45% (Class 1). If your community participates in CRS, the discount is automatically applied to your NFIP policy. If it doesn't, there is no individual-level mechanism to obtain this discount.
If your community is not a CRS participant, engaging your local floodplain administrator or elected officials about CRS participation is a long-term but meaningful lever. CRS Class 5 (25% discount) is achievable for communities willing to invest in qualifying activities.
Review whether your current NFIP coverage limits are appropriate for your actual replacement cost. If your home's replacement cost has declined (less likely in recent years) or if you've been over-insured by carrying limits above actual replacement cost, reducing building coverage to appropriate levels reduces premium. Conversely, if you're paying a high premium for $250,000 in building coverage but your home costs $450,000 to replace, you have both an underinsurance problem and a candidate for private excess flood coverage — which may be cheaper than the proportional cost suggests.
Contents coverage reduction is sometimes used as a cost lever, but understand what you're giving up. Reducing contents coverage to zero saves some premium but leaves all personal property uninsured. A middle-ground contents limit with RCV endorsement from a private carrier may be a better outcome than reducing NFIP contents coverage.
Physical mitigation — elevating the structure above BFE, installing flood vents, relocating HVAC and mechanical equipment above BFE — directly reduces actuarial flood risk and can produce permanent premium reductions. These are significant investments (elevating a structure typically costs $30,000–$150,000+ depending on construction type), but for properties where the actuarial rate trajectory is severe, mitigation combined with a post-mitigation EC can meaningfully reduce the premium ceiling.
FEMA's Hazard Mitigation Grant Program (HMGP) and BRIC program provide grants for elevation and other mitigation measures — typically accessible after a federal disaster declaration. If your area has received a recent declaration, your community may have active mitigation grant programs worth pursuing.
Situation: 2,400 sq ft home, replacement cost $480,000, Zone AE, currently paying $4,200/year for NFIP building ($250k) + contents ($100k). Premium was $2,100 before RR2.0. No flood claims. Property purchased 2018. Elevation Certificate shows lowest floor at BFE +1.2 feet.
Best options to pursue: (1) Get the EC current and submit to NFIP — the +1.2 ft freeboard should be documented. (2) Shop private market: at $480k replacement cost the $250k NFIP limit is already a gap — a private policy at $480k coverage with ALE may be competitive with or cheaper than NFIP. (3) Have a licensed surveyor confirm lowest adjacent grade — if the lot's lowest point is above BFE, a LOMA is worth pursuing and would eliminate the mandatory requirement. (4) Check community CRS participation — if the community is Class 5, the 25% discount should already be applied; if not, that's a gap to address with local officials.
Two NFIP provisions significantly affect the economics of flood insurance timing:
Under the old NFIP rating system, grandfathering allowed policyholders to keep a lower-risk rating even after their property was remapped into a higher-risk zone, as long as the policy had been continuously in force. Under Risk Rating 2.0, traditional grandfathering no longer applies — all policies are rated based on current risk data. However, the 18% annual increase cap still functions as a de facto protection for existing policyholders transitioning to higher actuarial rates.
When a property is remapped from a lower-risk zone into an SFHA, the NFIP offers a Newly Mapped rate for the first policy year — essentially a discounted introductory rate to ease the transition. Policyholders who purchase their first flood insurance policy within 12 months of the map revision effective date can qualify for this rate. After the first year, increases are capped at 18% annually.
The implication: if you've received a map revision notice remapping your property into an SFHA, purchase your policy before the map effective date or within the first year after. Waiting until the second or third year after the remapping forfeits the Newly Mapped rate advantage. This is genuinely time-sensitive — one of the few flood insurance decisions with a meaningful deadline.
ICC coverage is included in all NFIP building policies at no additional premium and provides up to $30,000 to help pay for bringing a substantially damaged structure into compliance with current floodplain management ordinances. It activates when a community officially determines that your structure has been "substantially damaged" — typically when repair costs exceed 50% of the pre-damage market value.
When substantial damage is determined after a flood, the community requires you to bring the structure into full compliance before issuing a repair permit. For a pre-FIRM structure below BFE, compliance means elevation. ICC helps fund that elevation work on top of the building damage payment.
ICC is one of the most consistently underutilized NFIP benefits because policyholders often don't know it exists, adjusters don't always proactively identify substantial damage determinations, and the $30,000 limit — while significant — often covers only part of the compliance cost. Understanding ICC before you have a claim means you can incorporate it into your recovery planning if you need it.
NFIP policies have a 30-day waiting period before coverage takes effect. The waiting period exists to prevent adverse selection — property owners purchasing coverage only when a flood is imminent. There are important exceptions:
The waiting period reinforces a critical point: do not buy flood insurance when a storm is approaching. By the time a named storm is two to three days from landfall, it is too late to obtain coverage for that event under NFIP. Flood insurance needs to be in place before the season — not in response to a specific forecast.
Flood insurance is unlike most insurance lines in that effective shopping requires more than just getting quotes from multiple agents. The market structure — NFIP (standardized) plus private (highly variable) — means you're comparing products that differ substantially in coverage terms, not just price.
Before shopping rates, establish what you actually need to cover: your structure's replacement cost (not the NFIP $250k limit — the actual cost to rebuild your specific home today), your contents value, whether ALE matters for your situation, and whether basement coverage is significant for you. Shopping starts with knowing what "right coverage" looks like.
Contact FEMA's flood insurance line or your current WYO carrier for a current premium quote at your desired coverage levels. This is your NFIP baseline. If you have a current EC, make sure it's on file.
Contact at least two or three private flood sources: a specialty flood insurance broker (who can access surplus lines markets), an admitted private carrier directly (Neptune, Palomar), and your homeowners carrier if they offer private flood. Compare apples to apples: same building limit, same contents limit, with and without ALE.
A private policy at 10% less than NFIP but with no ALE and basement exclusions may be worse total value than the NFIP policy depending on your situation. A private policy at 15% more than NFIP but with ALE, RCV contents, and no basement exclusions may be substantially better value for a homeowner who uses their basement and can't afford displacement costs.
If you have a federally backed mortgage and mandatory flood insurance, verify that any private policy you're considering satisfies the mandatory purchase requirement before canceling your NFIP policy. Get written confirmation from your lender that the specific policy form is acceptable. Do not assume.
Private carriers decline to write or quote higher than NFIP. Lender has not approved private coverage. Property has very high risk profile where private market underwriting is restrictive. Community has strong CRS discount applying to NFIP only.
Replacement cost exceeds $250k and private offers higher limits. ALE matters and private policy includes it. Basement contents are significant. Private premium is competitive at equivalent or better coverage terms. Lender accepts private policy.
Replacement cost significantly exceeds $250k but you want NFIP's claims certainty for the primary layer. High-value home where $250k is clearly inadequate. Excess coverage fills the gap above NFIP without replacing it.
You're in Zone X Shaded and want affordable protection. NFIP Preferred Risk Policies are available at significantly reduced rates. Private markets are also competitive in Zone X. Even modest coverage ($150k building) can be meaningful.
There is no universal "right" flood insurance structure. The appropriate coverage depends on your zone, your property, your lender requirements, and your financial exposure. Here are the most common situations and what each typically calls for:
NFIP building coverage at or near replacement cost, NFIP contents at a level that reflects your actual personal property value. Evaluate private market for ALE and contents RCV — these benefits may justify a private policy even if the building price is similar. Priority action if premiums are rising: assess LOMA eligibility and shop private market annually.
NFIP's $250,000 building limit leaves a meaningful coverage gap. Consider: (a) private flood insurance at full replacement cost, or (b) NFIP building coverage at $250k + private excess flood policy covering the gap. Contents: NFIP contents coverage is ACV; if you have significant contents value, RCV contents from a private policy is worth the additional premium. ALE: given the exposure of a higher-value home, ALE from private coverage matters.
No mandatory purchase requirement even in the SFHA — coverage is your choice. The question is risk tolerance vs. premium cost. For many free-and-clear homeowners in high-risk zones, the annual premium is the cost of not having catastrophic uninsured exposure. Evaluate both NFIP and private options without the lender constraint; private coverage may offer better terms for your needs.
No mandatory requirement. Flood insurance is optional and usually significantly less expensive than SFHA rates. NFIP Preferred Risk Policies are designed for this situation. Private carriers are also competitive. Given that 40% of NFIP claims come from outside the SFHA, Zone X Shaded coverage is worth the relatively modest premium for most homeowners.
Coverage needs include building (if owned), contents (if furnished), and rental income loss — the last of which NFIP does not provide. Private flood policies offering rental income protection may be the appropriate structure for investment properties in flood zones.
The six premium strategies, the NFIP vs. private comparison, the LOMA pathway — all of it depends on your zone, your BFE relationship, your community's CRS status, and what's actually in your current policy. Reading this guide tells you what levers exist. A report tells you which ones apply to your address and are worth pulling. Those are different things.
Analysis includes 2-year policy review, coverage gap identification, Risk Rating 2.0 context, CRS check, and EC assessment for your address.
Your zone determines what insurance costs, what's required, and what options you have.
The only way to formally remove the mandatory insurance requirement — the process and what it takes.
How your building's elevation affects your premium and what an EC does — or doesn't — change under RR2.0.
Common questions about reports, process, and general flood knowledge answered directly.