Several factors affect flood insurance rates, including the incidence of flooding by state and county, as well as individual property risk factors, such as the building's elevation, age, structure and repair costs.
Natural disasters like flooding are not generally covered by homeowners or renters insurance. A single inch of water can cause roughly $25,000 in damage, according to the Federal Emergency Management Agency (FEMA), providing an excellent reason to invest in flood insurance regardless of your home's flood risk. To figure out if your home is in a flood zone, you can look at New Jersey’s flood zone map.