How Much Does Flood Insurance Cost?
Updated: Dec 15, 2019
EMERSON WILLIS | December 15, 2019
Save 50% or More & Get An Instant Flood Insurance Quote Now
You've been told your beloved home is in the Special Flood Hazard Area and its mandatory for you to buy flood insurance. Like most homeowner's in your situation, you decide to call your local insurance agent to find an affordable option that will satisfy the lender's requirements. Your agent informs you that you must go buy an Elevation Certificate before they can even give you a quote. You can't believe its going to cost you $500 or more just to get a flood insurance quote. After wasting a couple more days of your precious time your insurance agent comes back with a price that makes your heart drop to your stomach. To make matters worse, they tell you that the only source for flood insurance is through this government program and it will cost the same no matter where you buy it. Bad news is, most insurance professionals do actually believe this is true even though it is far from true. Don't believe it? You've seen the famous Flo from all those TV commercials? This major brand is telling consumers this exact thing. See for yourself right here. They literally say at the bottom of the page that its "One price, where ever you go". The only option is the NFIP?! I'm sorry Flo, but you got this wrong, BIG TIME! Prices can range by the thousands of dollars between the different carriers. The National Flood Insurance program is most certainly not the only option. There is a huge alternative flood insurance market, that you can access in one simple place, that offers great coverage at a much more affordable prices. In most cases you also won't need to buy an expensive Elevation Certificate to get a quote either. You can shop the entire market through our instant flood insurance rater here.
How Flood Insurance Costs are Calculated
The math geniuses from the flood insurance companies whip up a list of important risk factors (flood zones, distance to nearest water, elevation etc.) related to offering coverage for flood insurance.
The variables these wizards are concerned with all have proven and predictable costs linked to them. They figure out which ones apply to your property, top it off with a little profit margin, and — viola —you get your rate.
NOTE: The cost of your flood coverage will be heavily dependent on your specific risk factors and which risk wizards are calculating these risk factors to determine a rate. With a wide variety of flood insurance carriers its essential to shop the entire market to determine your best option.
Flood Insurance Cost By State
Average flood insurance costs by state can vary drastically as illustrated below. You may see lower averages in states where larger percentages of consumers decide to purchase flood insurance voluntarily. Properties that are not in the Special Flood Hazard Area (X-zone) can obtain flood insurance rates at a fraction of the cost compared to properties that are located in Medium to High-Risk flood zones. The below figures are based off the estimated average US flood insurance premium of $692 and we're determined by taking the total number of flood insurance premium divided by the amount of flood insurance policies in that state.
Alabama - $56 per month or $672 per year (2.9% less than US average)
Alaska - $75 per month or $900 per year (30% higher than US average)
Arizona - $55 per month or $660 per year (4.6% less than US average)
Arkansas - $70 per month or $840 per year (21.4% higher than US average)
California - $69 per month or $828 per year (19.6% higher than US average)
Colorado - $72 per month or $864 per year (24.8% higher than US average)
Connecticut - $117 per month or $1,404 per year (102.8% higher than US average)
Delaware - $62 per month or $744 per year (7.5% higher than US average)
DC - $61 per month or $842 per year (5.8% higher than US average)
Florida - $48 per month or $576 per year (16.7% less than US average)
Georgia - $44 per month or $528 per year (23.6% less than US average)
Hawaii - $57 per month or $684 per year (1.1% less than US average)
Idaho - $64 per month or $768 per year (10.9% higher than US average)
Illinois- $86 per month or $1,032 per year (49.1% higher than US average)
Indiana - $80 per month or $960 per year (38.7% higher than US average)
Iowa - $89 per month or $1,068 per year (54% higher than US average)
Kansas - $72 per month or $864 per year (24.8% higher than US average)
Kentucky - $74 per month or $888 per year (28.3% higher than US average)
Louisiana - $57 per month or $684 per year (1.1% less than US average)
Maine - $90 per month or $1,080 per year (56% higher than US average)
Maryland - $48 per month or $576 per year (16.7% less than US average)
Massachusetts - $103 per month or $1,236 per year (78.6% higher than US average)
Michigan - $85 per month or $1,020 per year (47.4% higher than US average)
Minnesota - $75 per month or $912 per year (31.8% higher than US average)
Mississippi - $59 per month or $708 per year (2.3% higher than US average)
Missouri - $87 per month or $1,044 per year (78.6% higher than US average)
Montana - $60 per month or $720 per year (4% higher than US average)
Nebraska - $81 per month or $972 per year (40.5% higher than US average)
Nevada - $62 per month or $744 per year (7.5% higher than US average)
New Hampshire - $85 per month or $1,020 per year (47.4% higher than US average)
New Jersey - $80 per month or $960 per year (38.7% higher than US average)
New Mexico - $72 per month or $864 per year (24.8% higher than US average)
New York - $97 per month or $1,164 per year (70.17% higher than US average)
North Carolina - $66 per month or $792 per year (14.5% higher than US average)
North Dakota - $57 per month or $684 per year (1.1% less than US average)
Ohio - $87 per month or $1,044 per year (78.6% higher than US average)
Oklahoma - $72 per month or $864 per year (24.8% higher than US average)
Oregon - $75 per month or $912 per year (31.8% higher than US average)
Pennsylvania - $97 per month or $1,164 per year (70.17% higher than US average)
Rhode Island - $117 per month or $1,404 per year (102.8% higher than US average)
South Carolina - $57 per month or $684 per year (1.1% less than US average)
South Dakota - $80 per month or $960 per year (38.7% higher than US average)
Oklahoma - $72 per month or $864 per year (24.8% higher than US average)
Texas - $48 per month or $576 per year (16.7% less than US average)
Utah - $55 per month or $660 per year (4.6% less than US average)
Vermont - $117 per month or $1,404 per year (102.8% higher than US average)
Virginia - $62 per month or $744 per year (7.5% higher than US average)
Washington - $74 per month or $888 per year (28.3% higher than US average)
West Virginia - $90 per month or $1,080 per year (56% higher than US average)
Wisconsin - $80 per month or $960 per year (38.7% higher than US average)
Wyoming - $75 per month or $912 per year (31.8% higher than US average)
What Is Flood Insurance and Why Do I Need It?
Flood insurance is determined by a contract between you and your flood insurance company of choice. Its a simple transfer of risk - You pay them a certain premium, and they then agree by contract to help protect you from potential flood damages that are outlined in your your chosen policy. Considering that regular home insurance doesn't cover your house in the event of a flood - Its 100% worth it.
You may not think a flood will ever happen where your house is, but the question is - How do you know how to determine that? More than 70% of the homes that end up a victim of flooding are not even located in the Special Flood Hazard Zone. Sadly, many homeowner's will not buy flood insurance because they aren't required to - and then- it floods. A flood insurance policy can protect your most important assets from the devastating consequences a flood disaster can brings. If you have questions about what kind of coverage can be available through a flood policy, a flood insurance expert should be able to help you better understand your possible risks and assist in determining the best flood insurance policy to fit your specific needs.
What Kind of Flood Insurance Coverage Do I Need?
Its a great privilege in life to be the proud owner of a home, but you may find yourself losing sleep over the unknown. Whether its a hurricane plowing through your neighborhood, and a powerful storm overflowing a river, knowing you have the right kind of insurance in place can alleviate some of that anxiety that can take away from your peace of mind.
A great flood insurance policy should include some of these coverages:
Property damage: Protects your house and the stuff inside it from the potentially devastating flood water that can destroy your home overnight. In some cases you can even get pools covered - if you have one
Additional Living Expense: When you don't have a roof over your head, the extra expenses can add up fast. If your house is flooded you may want to have protection that would cover these additional living expenses. You can get things like - hotels, and groceries covered. It can take several months for you to get back into your house, so don't get caught without this important coverage unless you're ready to break out your nest egg to cover it out of pocket
What Variables Can Influence the Cost of My Flood Insurance Plan?
There are quite a few variables that can determine whether a carrier will offer flood insurance coverage and how much they will charge.
Some of the factors are things like:
The value of your home
The value of the contents in your home
How close your home is to certain water features - such as lakes, rivers, ocean ect..
The type of foundation you properties has
The elevation of your property compared to estimated base flood elevations
The year your property was built
What kind of deductible you want
Whether or not your property has flooded before
How many carriers the agent you are working with has access to
And many more
5 Ways You Can Save On Your Flood Insurance
Shop the entire Flood Insurance market (including Private Flood Insurance Carriers)
Increase your deductible
Stay claim free by mitigating as much of your flood risk possible
Shop your flood insurance policy every year
Sell you property and buy one not in a flood zone (living in a flood zone has its costs) Extreme measure but living near flood hazards come with extra risk exposure and costs.
How Much Does Flood Insurance Cost?
In most cases, the cost of your flood insurance policy will be affected by your properties location, replacement cost and a handful of other factors. Reach out to a flood insurance expert and talk to them about your questions.
Here's a couple fun examples:
Lets say your home set on top of the beautiful Rocky Mountains in Colorado, you might only pay $125-400/year for coverage. If you back up to a pleasant stream or river that runs through your backyard you might end up paying more like $450-900/year for coverage. Now if you're like many of those who require flood insurance and live right next to the ocean you may be more likely to pay $1,200+. Pricing vary a lot, but the most important thing to remember is make sure you are working with a flood insurance specialist who can quote the entire market - Get An Instant Flood Insurance Quote here
How Does My Location Influence the Cost of My Plan?
Like most things out there, flood insurance costs depend a lot on where you live. If you live in a flood zone where flood insurance seems more expensive it most likely because of the close proximity to Mother Nature's more dangerous features. Chances are highly likely you can save money by switching from a flood insurance policy through the National Flood Insurance Program to a lower cost Alternative. Just remember, if someone tells you the only option you have is the government, you should run as fast as you can the other direction.
How Can I Look Up Where My Property Is On A Flood Map?
Looking up which flood zone your property is in is as easy as 1-2-3 - Just open up the National Flood Hazard Layer map here. Once the flood map loads, just type in your property address and you will see if it is in the Special Flood Hazard Area. It will usually be labelled with an A-Zone or VE-Zone. If you are in an X-Zone it doesn't necessarily mean you couldn't flood, but FEMA is predicting that it is less likely. I wouldn't trust those maps though. You should always make sure you protect your most valuable assets - such as your home, and all the wonderful things inside of it.
Get your flood insurance questions answered here
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