Flood insurance rates Indiana

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Flood Insurance maps Indiana

Does my Indiana homeowner insurance cover flooding?

A typical Indiana homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

Do I need flood insurance in Indiana?

It is important to have flood insurance coverage in Indiana because our beloved Cowboy State has seen a fair share of flooding, and there is likely more coming.

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We believe that most homeowners think about Flood insurance in Indiana at some point, maybe before buying a home, or during the closing process.  However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening currently too close to our home.

If your home or business is in a flood zone, that is considered low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some insurance agents may even say you don’t need it.

Flood plain maps Indiana

FEMA Flood Maps Indiana

I ask you to consider the facts: 20-percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas.  In 80 percent of these individuals, they had water in their home or building and didn’t have flood insurance coverage.

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.

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We hear often that people believe that the government will help, and this is true.  However, there are a few things that must align for you to get government assistance.

1 – The president of the United States must declare the flooding event a state of emergency.  If this doesn’t happen, then there won’t be assistance.

2 – The average amount of assistance that homeowners get after a flood, when they do not have flood coverage, is $5,000.  The average cost of damage to one’s property after a flood is $38,000+.  That $5K you get from the government?  It comes in the form of a loan and you will need to pay it back.  Are you willing to gamble away your financial future by forgoing flood insurance coverage?

https://www.bloomberg.com/graphics/2017-fema-faulty-flood-maps/

One more note on these low-risk flood zone maps. Many of these maps are over 40-years old. If the area has been developed, then there is likely more concrete, creating a barrier for land that previously, might have absorbed the massive downpour.

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Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea for part of the risk. Our recent storms are facts that it can rain anywhere within Indiana, and you should consider getting flood coverage, so you are not uninsured when you need it most.

FEMA flood zone maps often take years to go into effect after the terrain was studied, this gives the impression that the area is “more up to date” then it really is.

Cheap Flood Insurance Indiana

The average cost for Indiana flood insurance in these Low-risk areas is $595 per year.

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Indiana flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an areas flood risk can leave property owners under or uninsured.

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How much is flood insurance in Indiana?

Indiana NFIP flood insurance

There are many options available in Indiana regarding flood insurance, but they basically fall into two main categories.

The government flood insurance option also called NFIP or FEMA

The Private flood insurance market.

The National Flood Insurance Program (NFIP), also known as FEMA, which is the government option for flood insurance.  The NFIP has enjoyed a 50-state monopoly on the flood insurance market.

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Not “private flood insurance” but NFIP Resellers

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

Progressive Flood Insurancehttps://www.fema.gov/wyo_company

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Indiana private flood insurance market

 

Llloyds of London Flood Insurance ShopperThere are alternatives to the NFIP or government insurance.  It  is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in Indiana. We shop all the options for your property in your region to ensure you are getting the best premium.  If you are ready to have us do the work for you, please click here.

Our shopping does include the NFIP because sometimes we find that with government subsidies you can get a much better premium.

Indiana flood insurance quote

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Lloyds of London Flood Insurance Indiana Market

 

Indiana is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body.  This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.

I have two blog posts that take a deep dive into Lloyds of London and what they mean to Indiana’s flood insurance market.  Iif you are interested, the links are below.

Lloyds of London Flood Insurance

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FEMA vs Private flood insurance

Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe.  You see the “game” of insurance is to spread your risk since Lloyds is worldwide.

Lloyds of London Private Market Flood InsruanceMy joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.

How much does flood insurance cost in Indiana?

There are many factors that go into getting the cost of flood insurance for Indiana. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.

Indiana flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.

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This is usually identified as an X-flood zone.  Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below):

Here a link if you want to really dig into this one. Be ready for an eye chart because every option is public record and should be standardized accost whoever writes these policies.

The average cost for flood insurance in Indiana with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.

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A flood zone and SHFA rate maps
FEMA High-risk Rates
https://www.fema.gov/media-library-data/1523307331106-4cf9726b2eb04c3471a3e9d37a58fa6a/09_prp_508_apr2018.pdf

If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Indiana depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in Indiana with a basement foundation.

We will look at the Indiana cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating this example on the NFIP, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Indiana.

Cost of Flood Insurance in INDIANA in high-risk flood zone AE

Our example is in Indianapolis, but the premiums will be the same if in Evansville, Vigo, Kosciusko, Carmel and many other Indiana flood zones.

In our example, the Base Flood Elevation (BFE is 738) and is a home that is built before 1973

NFIP option in Indiana Flood Zone AE

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $3,678.00

This option is what we see if the property has had a flood loss before, and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property

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Indiana Private flood insurance – Lloyds of London Flood Insurance (option 1)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 1) Annual premium in High-Risk flood zone is $808.73

This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

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Better Flood Insurance is the best shopper for you.
Let us to the flood insurance shopping for you – Save time.

Indiana Private flood insurance – Lloyds of London Flood Insurance (option 2)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 2)  Annual premium in High-Risk flood zone is $946.28

This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE.  In our example, with our BFE being 738, if the lowest floor is 734, then they will not accept this risk.  They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.

 

Private Flood insurance option (option 3) Not Lloyds

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Annual premium in High-Risk flood zone is $3,311.00

This option will take properties that have had one flood loss as long as it has been more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.

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Private Flood insurance –  Lloyds of London (option 4)

This option must be written on the Replacement Cost Value (RCV) of the building, otherwise there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible

Annual premium in High-Risk flood zone is $1,027.23 (great price).

This options rating system is all over the board.  Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is a bit different from some of our other Lloyd’s flood options.  We usually reserve this one if the property doesn’t fit into any of our options above. We can adjust coverages to control premium. As mentioned before, this underwriters’ rates are all over the board.  It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate.

Private Flood insurance –  Lloyds of London (option 5)

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible.

Annual premium in High-Risk flood zone is $1,682.30

This option came out of the company that used to run the NFIP program, so the coverage almost exactly matches the NFIP coverage with two differences. They offer living expenses which will cover your cost, when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage.

Private Flood insurance –  Lloyds of London (option 6)

Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.

Annual premium in High-Risk flood zone is $904.05

This options rating system is also all over the board. Sometimes we get a crazy low price; other times the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years or sometimes they jack the price way up so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also seems to be a glitch sometimes.

There are more options coming online every day, and we are working to be looking into every viable option.

Lloyds of London Flood Insurance Jumping in

Currently, Indiana has 22,138 NFIP policies in force to date with the total cost of $22,122,449.  That would make the average for Indiana $999. Of course, some will pay more, and some will pay less.

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Hello, Indiana!  Thanks for visiting our page for all your flood insurance needs.

Let’s start with Decatur and Allen, Indiana.  These two areas combined have a total of 232 active flood policies with $175,343 in written premiums.  The average flood rate for these areas is $756.

Fort Wayne, Indiana has an average flood rate of $1,460.  There are 701 active flood policies in Fort Wayne with $1,023,720 in total premiums.

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When we look at Bartholomew, Indiana, we find 269 active flood policies and $255,657 in flood premiums.  This allows the average flood rate for Bartholomew to be $950.

364 flood policies are in effect in Columbus, Indiana.  Columbus has an average flood rate of $1,038 which includes $377,972 in total premiums.

The premiums in Lebanon, Indiana add up to be $172,564.  The active policies total up to 151 which allows the average flood rate to be $1,143.

$875 is the average flood rate for Edinburgh and Zionsville, Indiana.  These two areas have a total of 118 flood policies and $103,271 in total premiums.

Let’s check out Brown County, Indiana.  Here, we have 116 active flood policies and $83,990 in premiums. The average flood rate for Brown County is $724.

Carroll, Indiana’s average flood rate is little higher, coming in at $937.  Carroll has $246,463 in total premiums and 263 total policies.

Looking at Cass and Logansport, Indiana, we see 129 policies in effect and $86,753 in written policies.  The average flood rate for Cass and Logansport is $673.

219 flood policies are in effect in Clark and Clarksville, Indiana.  The premiums for these areas total $199,871 which allows the average flood rate to be $913.

There are 613 active flood policies and $656,370 in total premiums in Jeffersonville, Indiana.  Jeffersonville’s average flood rate is $1,071.

In Sellersburg and Utica, Indiana, the average flood rate is $1,397.  These two areas combined have 123 active policies and $171,880 in written premiums.

The average flood rate in Clinton and Auburn, Indiana drops to $1,048.  Clinton and Auburn have a total of 86 active flood policies and $90,141 in total flood premiums.

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$107,797 is the flood premium total for Aurora and Dearborn, Indiana.  The average flood rate for these areas is $1,057 which includes 102 total flood policies in effect.

Delaware, Indiana has 190 flood policies in effect and $151,663 in total premiums.  The average flood rate for Delaware, Indiana is $798.

When we look at Muncie, Indiana, we find 229 active flood policies and $177,621 in written flood premiums.  The average flood rate for Muncie is $776.

$1,017 is the average flood rate for Elkhart, Indiana.  The premiums in Elkhart total up to $398,709 which includes 392 active flood policies.

Let’s look at Goshen, Fayette, and Floyd, Indiana where they have 189 flood policies in effect.  The average flood rate for these areas is $1,095 which includes $206,945 in written premiums.

New Albany, Indiana has an average flood rate of $1,163.  The flood premiums in New Albany total up to $169,785.  New Albany has 146 flood policies in effect.

The average flood rate drops to $1,101 in Franklin and Marion, Indiana.  The total policies in effect in Franklin and Marion are 111 with $122,177 in total premiums.

Carmel, Indiana has a total of 306 active flood policies and $257,423 in total premiums.  Carmel has an average flood rate of $841.

When we look at Fishers, Indiana, we see a total of 140 active flood policies and $63,529 in total premiums.  The average flood rate in Fishers is $454.

The rate jumps a bit when we check out Hamilton, Indiana: $1,112 is their average.  There are 166 active flood policies and $184,645 in total flood premiums.

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Thanks for stopping by Noblesville and Westfield, Indiana!  Together, you have 169 active flood policies and $130,094 in total premiums.  The average flood rate for these areas is $770.

$1,105 is the average flood rate for Greenfield and Hancock, Indiana.  These two areas have 219 active flood policies and $241,910 in total premiums.

Hello Corydon, Indiana!  Your city used to be the capital of Indiana!  You all have 219 active flood policies and an average flood rate of $1,105.  The premiums in Corydon total up to $279,734!  Thanks for stopping by Corydon!

157 flood policies exist in Hendricks, Indiana.  The average flood rate in Hendricks is $647 which includes $101,558 in total premiums.

When we look at Plainfield, Indiana, we find an average flood rate of $634.  The flood policies in Plainfield total 116 which includes $73,552 in flood premiums.

Let’s check out Kokomo, Indiana where the average flood rate is $1,252!  Kokomo has 229 flood policies in effect and $286,779 in written premiums.

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Jackson, Medora, and Whiteland, Indiana have 267 active flood policies and $235,024 in flood premiums.  This allows the average flood rate in Jackson, Medora, and Whiteland to be $880.

$1,187 is the average flood rate for Jasper, Jefferson, and Madison, Indiana.  These areas flood premiums add up to be $225,573 which includes 190 flood policies in effect.

In Franklin and Greenwood, Indiana, there are 202 active flood policies and $236,202 in total flood premiums.  The average flood rate for these areas is $1,169.

Johnson, Indiana has 287 flood policies in effect with an average flood rate of $833.  The premiums in Johnson add up to $239,028.

79 flood policies are in effect in Knox, Indiana.  The premiums here total up to $82,769 which allows the average flood rate to be $1,048.

Hello Kosciusko, Indiana!  Thanks for stopping by our page!  You all have quite a few flood policies: 468 active with $428,780 in written premiums.  The average flood rate for Kosciusko is $916.

The flood premiums in Warsaw and Winona Lake, Indiana add up to $156,073 with 158 active flood policies.  The average flood rate for Warsaw and Winona Lake is $988.

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Let’s check on La Porte, Indiana!  La Porte has an average flood rate of $1,018 and $138,430 in total premiums.  La Porte has 136 flood policies in effect.

Moving on to Lagrange, Indiana where they have 224 active flood policies.  The premiums in Lagrange total up to $203,079 which allows the average flood rate to be $907.

Let’s check out Crown Point and Dyer, Indiana.  These two areas have 201 flood policies in effect with an average flood rate of $976.  The premiums here total up to $196,232.

In Gary and Griffith, Indiana, the average flood rate is $1,319 with 167 active flood policies.  The premiums in these areas are $220,314.

Hammond, Indiana has a lower state flood average of $829.  The premiums in Hammond add up to $148,469 with 179 active flood policies.

When we look at Highland, Indiana’s average flood rate, we see that it is even lower at $797.  There are 187 flood policies in effect with $148,993 in written premiums.

The average flood rate goes up to $1,086 in Lake County, Indiana.  Lake has $225,831 in flood premiums and 208 active flood policies.

Merrillville, Indiana has 139 active flood policies.  The average flood rate here is $1,000 which includes $138,996 in total premiums.

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There are 214 active flood policies in Munster, Indiana.  Munster has $101,119 in total flood premiums which allows the average flood rate to come in very low at $473.

121 flood policies are in effect in Schererville, Indiana.  The premiums total in Schererville is $110,614 which causes the average flood rate to be $914.

$81,266 is the premium total for Anderson, Indiana.  The average flood rate in Anderson, Indiana is $616 which includes 132 flood policies in effect.

Let’s check out Elwood and Madison, Indiana where they have an average flood rate of $827.  The total premiums add up to $119,141 with 144 active flood policies.

Hello, Indianapolis, Indiana!  You all have the most flood policies in the state, 4,073 to be exact!  Your city boasts a variety of activities – whether we go to Banker’s Field House for a concert or a basketball game or check out Lucas Oil for a football game or hit up the zoo or the children’s museum, there is something for everyone!  With those 4,073 policies, the premiums total up to $4,744,624 which causes the average flood rate for Indy to be $1,165.

Moving on to Marshall and Miami County, Indiana we find 104 total active flood policies and an average flood rate of $603.  The premiums for these two areas add up to $62,729.

Bloomington, Indiana!  Thanks for stopping by!  Home of Indiana University!  Bloomington and Monroe County have an average flood rate of $844.  The premiums here total up to $189,946 which includes 225 flood policies in effect.

Next up is Martinsville, Indiana where the average flood rate is $780.  The total premiums in Martinsville is $99,000 which includes 127 active flood policies.

$738 is the average flood rate for Morgan and Newton County, Indiana.  There are 233 active flood policies with $171,932 in total premiums.

218 flood policies are in effect in Noble County, Indiana.  Noble has an average flood rate of $771 with $168,124 in total written premiums.

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New Harmony and Porter County, Indiana have an average flood rate of $858.  This includes $120,949 in total premiums and 141 active flood policies.

When we look at Posey and Pulaski County, Indiana, we find a total of 141 flood policies in effect with $124,949 in total premiums.  The average flood rate for these is areas is $886.

Let’s check out Shelby, Indiana.  Shelby has an average flood rate of $895.  The total number of active policies in 216 with $193,240 in written premiums.

Shelbyville and Spencer County, Indiana have 114 flood policies in effect and $139,679 in total premiums.  The average flood rate for Shelbyville and Spencer is $1,225.

$1,156 is the average flood rate for South Bend, Indiana.  South Bend has $122,582 in total premiums and 106 active flood policies.

The average flood rate for St. Joseph, Indiana is $819.  The premiums here total up to $146,598 with 179 flood policies in effect.

Let’s look at Starke and Steuben, Indiana where the average flood rate is $875.  The total number of active flood policies is 210 with $183,831 premiums in effect.

Tippecanoe County, Indiana has 181 active flood policies.  The average flood rate in Tippecanoe is $768 which includes $139,043 in written premiums.

Tipton, Indiana’s average flood rate is a little higher at $922.  The number of flood policies in Tipton is 130 with $119,883 in total premiums.

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Hello Evansville, Indiana!  Evansville is home of the second largest street fair in the United States – the Evansville West Side Nut Club Fall Festival!  Glad you stopped by Evansville.  Evansville has 895 active flood policies and an average flood rate of $928.  The flood premiums in Evansville total up to $830,590.  Thanks for stopping by Evansville!

Looking at Clinton and Terre Haute, Indiana, we find an average flood rate of $1,117.  Terre Haute is home of Indiana State University.  Here there are 138 active flood policies and $154,198 in total flood premiums.

Vigo, Indiana has quite a few flood policies in effect as well – 839!  The premiums in Vigo County, Indiana add up to $758,038 which allows the average flood rate to be $904.

Next, let’s look at Warrick, Indiana.  Warrick County has 154 active flood policies and $118,847 in total premiums.  The average flood rate for Warrick County is $772.

Finally, let’s look at Wayne, White, and Whitley, Indiana where the average flood rate is $896.  The policies for this area total up to 274 with $245,513 in written flood premiums.

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Thanks for checking out all the flood information on Indiana!!

FEMA FLood Insurance Rate Maps

Flood Insurance calculator Indiana

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. In fact, a recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.

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References
the following documents contain additional hydrologic data, flood photos, historic flood descriptions, floodplain delineations and other pertinent information, and should be considered supplemental to this flood warning plan:
https://bsa.nfipstat.fema.gov/reports/1011.htm#COT
https://www.fema.gov/average-claim-payments-date-loss
https://www.fema.gov/national-flood-insurance-program
https://www.fema.gov/media-library-data/1486576697135-ac6348fb2a3d98ceba33cf3f38422dbc/Claim_Loss_Counts_Sept2016.pdf
https://www.fema.gov/media-library-data/1458666638945-d752cb148ef1348b4b1c22acec66a0bd/Claim_loss_count2015.pdf
https://www.fema.gov/media-library-data/1393877884619-3091f75bf9d46a26f5beb7d423c34529/Total_Claim_Count_fy2013.pdf
https://www.weather.gov/safety/flood-states-in