Flood Insurance

How much is flood insurance in Florida?

October 27, 2021

The average cost of flood insurance in Florida is $570 per year. However, costs can vary by thousands of dollars from one property to another depending on many factors. If you own a property in Florida that is considered to be located in a high to moderate risk flood zone your mortgage company will require you to purchase flood insurance. To get an accurate estimation of cost for your property it will be important to have a specialist evaluate all the variables that will effect your rates.

Since the vast majority of Florida is flat with elevations that are at or near sea level and is surrounded by more than 1,100 miles of coastline it is no wonder why the likeliness of damage to property from flooding in the beautiful Sunshine State is higher than any other state in the country. Even if your property is not in a flood-zone it will still be recommended to get flood insurance. The most common causes of flooding in this flat humid state arise from large thunderstorms, hurricanes, and tropical storms. An average of 60 inches of rainfall soaks this massive peninsula every year. To add even more potential risk to flooding the state boasts more than 11,000 miles of rivers, streams and waterways which can spill out and flood the this land with water tables just beneath the surface. You need dry land to soak all that water but in Flordia the water has no where to go but everywhere.

How Much Is Flood Insurance In Florida?

Florida is known worldwide for it's 650+ miles of beautiful soft-sandy beaches

How to determine the cost of flood insurance and get the best pricing for you Florida property

With more than 2 million property owners who are required to buy flood insurance in Florida there are loads of data on how much it will cost but in order to know how much it will cost you we need to first understand some details about your specific property to get a meaningful estimate. An average price for the whole state of Florida is virtually useless as it doesn't consider how much coverage is needed and it doesn't consider all the property specific details that have an enormous impact on rates.

  1. Where exactly is your property located in relation to the ocean which can bring powerful water surges from hurricanes or tropical storms inland measuring sometimes as high as 14ft tall and can come inland for miles completely wiping out entire coastal cities.
  2. What kind of foundation does your Florida property have? Is it raised high off the ground with pilings or is it flat on the ground resting on a slab? The higher your foundation the better your pricing will be.
  3. How much coverage do you need? Do you want to cover the contents in your property? If one property owner only needs $50,000 in coverage and the other needs $500,000 the prices will be drastically different. Again, another reason why average prices are useless to an individual.
  4. Who are you buying flood insurance from? Many agents offer FEMA flood insurance but are often less familiar or unaware of the vast variety of lower-cost private flood insurance alternatives available which  often results in customers paying much higher pricing (often double or triple the cost).
  5. What additional coverages are needed? Do you want to cover the cost of a hotel if you aren't able to live in your home after a flood until it is rebuilt? Do you want Replacement Cost Value or Actual Cash Value coverage for your contents? Meaning when your contents are damaged from a flood do you want the insurance company to pay what it costs to replace the item (RCV) or what the item is worth at the time of loss (ACV)? Does your business need to cover lost-income due the interruption of business? All these features have a big impact on pricing.

What's the best company to buy flood insurance from?

After we determine all the characteristics of your property and what kind of coverage you desire, the next thing that will impact costs is which company you buy from. Are you buying an NFIP/FEMA flood insurance policy or are you buying from a private flood insurance company? In Florida, property owners have access to more options than anywhere in the country. Yet, most insurance brokers are focused on general insurance practices such as regular home insurance and car insurance and will typically only offer their clients government flood insurance through the NFIP. Pricing can range by thousands of dollars from one carrier to another and that is why it is critical you shop with a broker who has access to more than a dozen carriers and practices flood insurance on a daily basis.

“Pricing can range by thousands of dollars from one carrier to another and that is why it is critical you shop with a broker who has access to more than a dozen carriers and practices flood insurance on a daily basis.”

What cities in Florida have the cheapest flood insurance?

When comparing prices of flood insurance in the Sunshine State's cities like Miami or Ft Lauderdale which are located right off of the Atlantic Ocean to inland cities like Orlando you will generally find that the cost is typically less expensive the further you go inland from the ocean. Getting away from the surge zone that the ocean creates reduces the risk of flooding significantly and along with this reduction of risk comes reduced premiums. There are some instances where a property that is inland can have a lower than sea-level elevation and be near a river or waterway where the flood insurance could be more expensive than a property located right off the coast. How could this be? If a property on the coast is significantly elevated with pilings and built with flood mitigation in mind then the insurance company may offer discounts for the coastal property because of the reduced risk factors the mitigation provides. The bottom-line is, whereever it rains, it can flood.

Do I really need to buy flood insurance in Florida?

It is highly recommended to consider speaking with a specialist who can evaluate your specific properties risk from a more detailed perspective. The FEMA flood maps aka (National Flood Hazard Layer) are not sufficient in determining the risk of flooding to your property. It's not uncommon for named storms to cause so much damage that more than 80% of the losses occur to properties that were not considered to be in the high to medium risk flood zones. When hurricane Irma came ripping through Florida, sadly, more than 80% of the properties damaged were uninsured. Since the mid 1800's there have only been 18 hurricane seasons where Florida did not see a known storm that impacted the state. Hurricane seasons in Florida last for roughly half of the year and when it rains, it pours. Florida has racked up more than $140 Billion of damage from hurricanes throughout the years of which one storm alone named Hurricane Andrew caused a large portion of that damage. You never know when the next big one is going to hit, but it could be soon and will you have the right flood insurance?

If you would like to learn how much flood insurance will cost for your property in Florida, Yep Insurance can provide you an instant rate after you answer just a few simple questions. See Flood Insurance Pricing Here

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