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How Much Does Flood Insurance Cost?

How Much Does Flood Insurance Cost?
Elizabeth Rivelli
Updated December 13, 2021
5 Min Read

Standard homeowners and renters insurance policies never cover flood damage, even if it’s sudden and accidental. If you live in an area that is prone to flooding, it’s a good idea to purchase a separate flood insurance policy.

Flood insurance is available through the federally-funded National Flood Insurance Program (NFIP). Most major insurance providers sell flood insurance policies through the NFIP. The average cost of flood insurance is $700 per year, but there are a handful of factors that contribute to your premium.

What does flood insurance cover?

Flood insurance pays to repair the physical structure of your home and replace your personal belongings that get damaged by flood waters. A standard residential NFIP policy includes up to $250,000 for dwelling coverage and up to $100,000 for personal property coverage.

Although flood insurance provides comprehensive protection, it doesn’t cover everything. If you need to file a claim, the cause of the flood determines whether or not the claim will be covered. The NFIP defines a flood as, “An excess of water on land that is normally dry, affecting two or more acres of land or two or more properties.”

Examples of covered flood claims include hurricanes and heavy rain, storm surges, flash flooding, and even home flooding caused by sewer backups and burst pipes. Any residual losses that are caused as a direct result of flooding, like water damage, will also be covered under a flood insurance policy from the NFIP.

Some examples of losses that flood insurance does not cover include temporary housing if your home is severely damaged, personal property stored in a basement, yard and garden flooding, damage to pools, fences, patios, and sheds, valuable items kept inside your home, and vehicles in your garage or driveway.

Average flood insurance cost by state

There are a few factors that impact the cost of flood insurance, and where you live is one of the biggest. Naturally, flood insurance is most expensive in states that are located along the coastline, in high-risk hurricane areas, and in certain flood zones. The table below includes the average cost of flood insurance in all 50 states.

StateAvg cost
State
Vermont
Avg cost
$1,512
State
Connecticut
Avg cost
$1,471
State
Rhode Island
Avg cost
$1,418
State
Pennsylvania
Avg cost
$1,305
State
Massachusetts
Avg cost
$1,294
State
West Virginia
Avg cost
$1,273
State
New York
Avg cost
$1,231
State
Missouri
Avg cost
$1,152
State
Ohio
Avg cost
$1,151
State
Maine
Avg cost
$1,119
State
Iowa
Avg cost
$1,115
State
Indiana
Avg cost
$1,100
State
New Hampshire
Avg cost
$1,098
State
Illinois
Avg cost
$1,096
State
Kentucky
Avg cost
$1,095
State
Michigan
Avg cost
$1,054
State
Nebraska
Avg cost
$1,040
State
Wisconsin
Avg cost
$1,012
State
South Dakota
Avg cost
$994
State
Wyoming
Avg cost
$994
State
Kansas
Avg cost
$972
State
New Jersey
Avg cost
$950
State
Tennessee
Avg cost
$940
State
Washington
Avg cost
$937
State
Colorado
Avg cost
$930
State
Arkansas
Avg cost
$925
State
Oklahoma
Avg cost
$919
State
Oregon
Avg cost
$912
State
New Mexico
Avg cost
$912
State
Alaska
Avg cost
$909
State
Minnesota
Avg cost
$872
State
California
Avg cost
$852
State
Montana
Avg cost
$824
State
Mississippi
Avg cost
$784
State
Virginia
Avg cost
$772
State
Idaho
Avg cost
$764
State
Nevada
Avg cost
$751
State
Delaware
Avg cost
$748
State
North Carolina
Avg cost
$739
State
Utah
Avg cost
$735
State
Arizona
Avg cost
$711
State
Louisiana
Avg cost
$707
State
South Carolina
Avg cost
$699
State
Alabama
Avg cost
$698
State
Georgia
Avg cost
$689
State
Hawaii
Avg cost
$678
State
North Dakota
Avg cost
$663
State
Texas
Avg cost
$618
State
Maryland
Avg cost
$616
State
Florida
Avg cost
$592

States with the highest average flood insurance costs

If you live near the coastline or in a high-risk flood zone, expect your flood insurance costs to be higher than average. In the table below, we’ve highlighted the states with the most expensive average flood insurance premiums.

StateAvg cost
State
Vermont
Avg cost
$1,512
State
Connecticut
Avg cost
$1,471
State
Rhode Island
Avg cost
$1,418
State
Pennsylvania
Avg cost
$1,305
State
Massachusetts
Avg cost
$1,294

States with the lowest average flood insurance costs

Although floods can occur anywhere and at any time, certain states have a much lower risk of flooding than others. If you live in a low-risk flood area, you will probably pay a much lower premium for flood coverage. The table below includes the states with the lowest average flood insurance costs.

StateAvg Cost
State
Hawaii
Avg Cost
$678
State
North Dakota
Avg Cost
$663
State
Texas
Avg Cost
$618
State
Maryland
Avg Cost
$616
State
Florida
Avg Cost
$592

Cost of flood insurance in SFHAs

FEMA uses the designation "Special Flood Hazard Area” (SFHA) to classify regions that have the highest risk of flooding. Homeowners that live in SFHAs are often required to carry flood insurance in order to get a mortgage. Due to the increased risk of flood damage, flood insurance policies in SFHAs are significantly more expensive than in other areas. Here are the average costs of flood insurance in SFHAs.

Cost of Flood Insurance in Zone A, AE, A1-A30, AO and D

Building typeCost for minimum coverageCost for maximum coverage
Building type
Non-elevated with subgrade crawlspace
Cost for minimum coverage
$1,025
Cost for maximum coverage
$4,144
Building type
No basement or enclosure*
Cost for minimum coverage
$1,025
Cost for maximum coverage
$4,362
Building type
Elevated on crawlspace
Cost for minimum coverage
$1,025
Cost for maximum coverage
$4,362
Building type
Mobile home
Cost for minimum coverage
$1,025
Cost for maximum coverage
$4,362
Building type
With basement
Cost for minimum coverage
$1,073
Cost for maximum coverage
$5,104
Building type
With enclosure
Cost for minimum coverage
$1,073
Cost for maximum coverage
$5,892
Building type
*As defined by FEMA, an enclosure is a "walled in [area] below the lowest floor of an elevated building."
Cost for minimum coverage
 
Cost for maximum coverage
 

Cost of Flood Insurance in Zone V, VE and V1-V30

Building typeCost for minimum coverageCost for maximum coverage
Building type
Non-elevated with subgrade crawlspace
Cost for minimum coverage
$1,329
Cost for maximum coverage
$9,002
Building type
No basement/enclosure*
Cost for minimum coverage
$1,329
Cost for maximum coverage
$9,504
Building type
Elevated on crawlspace
Cost for minimum coverage
$1,329
Cost for maximum coverage
$9,504
Building type
With basement
Cost for minimum coverage
$1,389
Cost for maximum coverage
$11,399
Building type
With enclosure
Cost for minimum coverage
$1,389
Cost for maximum coverage
$13,197
Building type
*As defined by FEMA, an enclosure is a "walled in [area] below the lowest floor of an elevated building."
Cost for minimum coverage
 
Cost for maximum coverage
 

Tables source

Factors that determine flood insurance cost

Average flood insurance premiums are just that—averages. NFIP flood insurance rates are unique to every homeowner, and there are a few different factors that will impact your flood insurance premium. Some of the most common factors include:

  • Where you live: Homes that are located in high-risk flood zones or SFHAs pay the highest flood insurance premiums. If your home is located in a lower-risk flood area, you will be quoted a lower rate.
  • Type of coverage: The type of coverage you get will impact your premium. If you choose a policy with just dwelling coverage, you will pay less than if you purchase a policy with dwelling and contents coverage together.
  • Amount of coverage: If you need a high amount of dwelling or contents coverage, you will pay a higher rate. Homeowners who purchase less coverage will pay a lower rate. Keep in mind that you should have enough coverage to rebuild your home back to its original condition and replace your personal belongings if they were to get damaged in a flood.
  • Your deductible: Flood insurance has a deductible, which is an out-of-pocket cost you must pay towards a covered loss before the insurance company will reimburse you. The higher your deductible is, the lower your annual premium will be, and vice versa.
  • Your home’s build: Some homes are more resilient than others. If your house is newly built, and is constructed with durable materials, you will likely pay less for flood insurance than someone who’s home is 40 years old and has never been renovated.
  • Your home’s elevation: Houses that are located in higher elevations have a lower flood damage risk, and are less expensive to insure. Additionally, homes that have elevated utilities, pipes, and wiring systems are usually cheaper to insure.

How to lower your flood insurance premium

Flood insurance can be expensive, especially if you live in a high-risk flood zone. Fortunately, there are ways that you can lower your flood insurance premium. Here are some ways to get a cheaper rate:

Reduce your home’s flood risk

Flood insurance rates are based mostly on where your home is located and how much flood risk exists in your area. One of the most effective ways to lower your flood insurance premium is to reduce your home’s risk of flood damage in the first place. You can do this by elevating your utilities, installing flood openings, filling in your basement, and ultimately, moving to a new home in a less flood-prone region.

Raise your deductible

Raising your deductible can help you get a cheaper flood insurance premium. According to the NFIP, raising your deductible to the $10,000 maximum can reduce your annual premium by as much as 40%. However, remember that your deductible is an out-of-pocket cost. So if you increase the deductible to get a lower rate, you will have to pay more towards a covered flood loss if you need to file a claim in the future.

Get an elevation certificate

If your home is located above a certain elevation, you can get a lower flood insurance rate, but you’ll need to provide an elevation certificate. This document verifies that your home is built at an elevation above the height that a major flood could reach in your area. You might already have an elevation certificate included in the property deed for your home. If not, you can hire a land surveyor, engineer, or architect to determine the elevation and provide documentation.

Buying flood insurance for your home

Flood insurance is usually optional, unless you live in a high-risk flood zone as defined by the NFIP and FEMA. But even if you don’t live in an area that is prone to flooding, it’s still a good idea to consider flood insurance.

Standard homeowners and renters insurance policies never cover flood damage, so without flood insurance, you are financially responsible for repairing the physical structure of your home and replacing your personal belongings if a major flood causes extensive damage.

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