Flood Insurance Cost (2023)

Looking for flood insurance and wondering what to expect cost-wise? According to the National Flood Insurance Program (NFIP), Americans pay an average of $78 per month for coverage. However, the rate you get will depend on a variety of factors such as where you live and the building characteristics of your home or office building.

To help you find the best deal, here’s a closer look at the average flood insurance costs, the factors that can impact your premiums, and the best flood insurance providers of 2023.

Average Cost of Flood Insurance

How much does flood insurance cost? The NFIP is the largest single-line insurance program in the U.S. and provides nearly $1.3 trillion worth of flood coverage to Americans. As of September 2022, the average cost of flood insurance through the program was $935 per year or about $78 per month.

That said, the premium you pay will vary based on a variety of factors, including your location. For example, the average cost of flood insurance in Florida is much lower than the average cost in New York. To see where your state lands on the cost spectrum, find it in the chart below.

The Average Cost of NFIP Flood Insurance by State (2023)
StateAverage Annual CostAverage Monthly CostAverage Total Coverage AmountPolicies in ForceAverage Coverage Amount Per Premium Dollar
New Hampshire$971$81$247,1667,181$255
New Jersey$864$72$262,863207,440$304
New Mexico$787$66$230,06310,610$292
New York$1,023$85$281,705167,804$275
North Carolina$690$58$275,096133,379$399
North Dakota$730$61$295,3217,304$405
Rhode Island$955$80$280,55211,353$294
South Carolina$595$50$274,659203,677$462
South Dakota$933$78$243,5612,752$261
Texas$703$59$299,973703, 564$427
West Virginia$1,261$105$176,27411,034$140

Source: National Flood Insurance Program (NFIP), Policy Information by State, February 2023.

Factors Influencing Cost

Many factors can influence your flood insurance rates, including the following four cited by the NFIP.

Your Home’s Building Characteristics

The building characteristics of a home or business building can impact its vulnerability to flood damage so are often considered by flood insurance providers. For example, FEMA considers:

  • Building type and use
  • Foundation type
  • First-floor height
  • Number of floors
  • Unit location
  • Construction type
  • Flood openings
  • Machinery, equipment, and utility placement

Coverage Details

The coverage type and amount of flood insurance you choose will impact your cost. Flood insurance is available for both residential and business customers. Further, it’s typically composed of building and contents coverage. Building coverage covers buildings while contents coverage covers personal belongings. The more coverage you need, the higher premium you can expect.


The location of the property you want to insure is also going to be a factor. Insurers often consider a building’s distance from flooding sources like lakes, rivers, and oceans. They’ll also look at the elevation of the property in relation to the surrounding area, nearby flooding sources, the history of flooding in the area, and if flood barriers are in place.

Deductible Amount

The deductible amount you choose will impact the cost of your policy. You can often opt for a higher deductible in order to get a lower premium payment or vice versa.

(Video) How Much Does Flood Insurance Cost?

What Does Flood Insurance Cover?

Flood insurance covers personal property and the structure of a home or office building. The specifics of what’s covered will vary by insurer, so be sure to read the fine print. For example, NFIP policies cover:

  • Building structures: The building and its foundation, plumbing systems, electrical systems, heating and air units, water heaters, furnaces, built-in appliances, refrigerators, cooking stoves, window blinds, detached garages, permanently installed bookcases/cabinets/paneling, and debris removal.
  • Personal property: Personal belongings like furniture, clothing, electronics, jewelry, curtains, portable appliances, washers, dryers, food freezers, the food in freezers, and valuable items like furs (limits apply).

What’s not covered by flood insurance?

Flood insurance also commonly excludes or limits coverage for certain losses. For example, the NFIP does not generally cover:

  • Currency
  • Precious metals
  • Stock certificates
  • Water damage that could’ve been avoided
  • Self-propelled vehicles
  • Detached buildings require a separate policy
  • Trees and plants
  • Hot tubs and swimming pools
  • Septic systems and wells
  • Patios, fences, decks, and other belongings outside of a home or office building
  • Secondary financial losses resulting from the flood damage (temporary housing, business income loss, etc.)
  • Contents coverage for areas below the lowest elevated floor (in basements, crawl spaces, etc.)

In addition to limits on what’s covered by a flood insurance policy, there are limits on the monetary amount that’s covered. For example, the NFIP provides up to $250,000 in building coverage and $100,000 in contents coverage for residential structures. It also limits businesses to $500,000 in building coverage and $500,000 in contents coverage.

If you need a higher coverage amount, shop around with private flood insurance providers. Neptune, for instance, offers up to $4,000,000 in building coverage for a residential home and up to $500,000 in contents coverage for homeowners.

Top Flood Insurance Companies

Ready to start your search? After reviewing 16 flood insurers, here are the seven that came out on top.

Best Overall: Geico

Geico is a reputable insurance provider that offers flood insurance policies underwritten by non-affiliated third parties including FEMA. It has a solid financial strength rating and is known for delivering great customer service. Further, you can easily get a quote online via the company’s website or mobile app, and can get a discount by bundling your flood coverage with Geico auto or homeowner’s insurance.

Best Commercial Flood Insurance: The Flood Insurance Agency

The Flood Insurance Agency, also known as Private Market Flood, provides over $4 billion in private flood insurance coverage to residential, commercial, and habitational properties. It stands out from the competition by offering rate-lock programs, which allow you to lock in your premium amount for three policy cycles. Additionally, you can get quick estimates online and more coverage than the NFIP offers.

Best Online Option: Assurant

Assurant has offered flood insurance under the NFIP for more than 30 years and is the second-largest carrier offering flood insurance today. It also offers a lineup of private flood policies with higher coverage limits and flexible add-on coverage options. Further, Assurant makes it easy to manage your policy and file claims online.

Best for Customer Service: FloodSimple Insurance Services

FloodSimple Insurance Services provides alternative flood policies (non-NFIP) that can be purchased online in as little as 24 hours. It claims to offer lower prices than FEMA because it’s selective about the properties it’ll insure which minimizes its losses. FloodSimple also impresses on the customer-service front with a 4.9 out of 5-star rating on Google after 617 reviews.

Best for Veterans: USAA

USAA is a reputable financial services company that specializes in catering to U.S. servicemembers. It also fares well in customer satisfaction ratings. As a result, it wins a top spot as the best flood insurance option for veterans. You can get coverage through USAA under the NFIP but can also get excess coverage through its broker network.

Best for Comprehensive Coverage: Neptune

Neptune is an alternative flood insurance provider offering policies that go far beyond the coverage available under the NFIP. You can get higher coverage limits, lower prices, more coverage types, and a shorter waiting period. It also offers quick and convenient online quotes.

Best Affordable Option: Better Flood Insurance

Better Flood Insurance is a flood insurance broker that does some of the deal hunting for you. The company scours the web, collects quotes for you from private flood insurance companies, and claims to save clients an average of $500 on their annual premiums.

(Video) How Much Does Flood Insurance Cost?

How to Choose the Best Flood Insurance

When reviewing and comparing flood insurance providers, here are a few key factors to consider.

  • Coverage options: Check the details of what the policy covers, how it compensates losses, and the maximum coverage limits.
  • Flood insurance cost: Compare the premium costs and deductible options of several flood insurance providers. Many providers offer flood insurance cost calculators that can help.
  • Customer service: Customer service quality can vary. Look at the support channels, the hours of operation, the response times, and reviews from past customers. The National Association of Insurance Commissioners (NAIC) keeps records of customer complaints that can help you understand how a company fares in terms of customer satisfaction.
  • Waiting periods: A waiting period is the amount of time you have to wait until your policy’s coverage kicks in. The NFIP has a 30-day waiting period, but waiting periods with private insurers vary.
  • States served: All providers don’t serve all states. Be sure to check the service areas of each provider you’re considering.
  • Online services: Many insurers make it easy to get and manage coverage online. Check for features such as online estimates, learning resources, claim filing, and account management.
  • Eligible properties: Flood insurers may cover different property types. Check for exclusions, such as those based on location, flood history, or home type.

To find the best deal, shop around and compare at least three flood insurance quotes.

You may be able to save on your flood insurance premium by opting for a higher deductible, elevating your utilities, elevating your property, filling in your basement, installing flood openings, or providing an elevation certificate.

How Flood Insurance Works

Like most insurance policies, flood insurance requires the policyholder to pay a premium in exchange for a certain amount of coverage. Then, if your home, business building, or personal property is damaged due to a flood, you can file a claim, pay your deductible, and receive a settlement to help you recover.

The NFIP, managed by the Federal Emergency Management Agency (FEMA), has historically been the primary provider of flood insurance in the U.S.—delivering coverage to the public directly and through a network of over 50 insurance companies. However, NFIP’s share of the market has been on the decline while the share held by private insurers has been growing.

Why? For one, the Biggers-Water Act was amended in 2019, requiring lenders to accept non-NFIP flood insurance policies from private insurers. Additionally, FEMA implemented a new risk assessment method in 2021 (detailed below) which is causing rate increases on NFIP policies.

As a result, many private insurers are winning policyholders over with more flood coverage at lower prices. In 2021 alone, flood insurance premiums written by private insurers increased by over 40%, according to A.M. Best.

Projected Rate Increases

The NFIP began subjecting its flood insurance policies to a new rating methodology, Risk Rating 2.0, in October of 2021. According to FEMA, 96% of current policyholders will see either an immediate decrease or $20 or less per month increase in their premiums. On average, 23% of policyholders will see a decrease of $86 per month, while 66% will see increases up to $10 per month, 7% will see increases up to $20 per month, and 4% will see increases of more than $20 per month.

As a shopper, it may be worth looking beyond NFIP flood insurance policies to find the best deal.

Do I Need Flood Insurance?

If you live or run a business in an area prone to floods, flood insurance can help to protect you against expensive flood damage. Further, it may be required if you own a home or business in a high-risk flood area and have a mortgage.

Flood insurance can also be beneficial if you live in a lower-risk area. According to FEMA, those who live in areas with a low-to-moderate flood risk are still five times more likely to experience a flood than a fire over the next three decades.

(Video) How to REMOVE Your Property From a Flood Zone

Does Car Insurance Cover Flood Damage?

Comprehensive car insurance policies generally cover water damage to a vehicle that results from a flood. Flood insurance policies do not.

Does Renters Insurance Cover Flood?

Standard renter’s insurance policies do not cover flood damage. However, renters can purchase a standalone flood insurance policy to cover their personal belongings.

What Flood Zones Require Flood Insurance?

Flood insurance is required in high-risk flood areas for those who own property and have a federally-backed mortgage on that property. When using the FEMA Flood Map Service, high-risk flood areas begin with the letters “A” or “V.”

How Much Flood Insurance Do I Need?

To determine the amount of flood insurance you need, consider the cost to replace your home and personal belongings in the event of a total loss due to a flood. The NFIP offers up to $250,000 in dwelling coverage and up to $100,000 in contents coverage. If you want more than that, shop around with private flood insurers.

(Video) Don't Waste Your Money: The cost of flood insurance

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Flood Insurance Cost? ›

This usually covers:

up to $250,000 for your home, including things like appliances, electrical and plumbing systems, and debris removal. up to $100,000 for your personal items, like clothes, TVs, and furniture. These items are also called “contents” or “personal property”.

What does Texas flood insurance cover? ›

This usually covers:

up to $250,000 for your home, including things like appliances, electrical and plumbing systems, and debris removal. up to $100,000 for your personal items, like clothes, TVs, and furniture. These items are also called “contents” or “personal property”.

Can you shop around for flood insurance? ›

Can you shop around for flood insurance? There's no need to shop around for policies backed by the National Flood Insurance Program. All FEMA-approved insurance providers use the same rating factors to calculate their premiums, so you won't find a better deal from one carrier over another.

What is the average cost of flood insurance in South Carolina? ›

The average annual cost of flood insurance in South Carolina is $625, but this can vary greatly depending on the particular county.

How does flood insurance work in NJ? ›

What does flood insurance cover in New Jersey? Flood insurance helps cover the cost of flood damage to your home and belongings. That means if your house is damaged due to coastal flooding, a river overflow, or any source of natural flooding, flood insurance can pay to repair or replace your property.

Is flood insurance worth it in Texas? ›

Much of Texas is prone to flooding, so Lone Star State residents in high-risk areas should consider flood insurance to protect their home and belongings.

What is the max flood coverage in Texas? ›

Texas flood insurance coverage

Flood insurance from the NFIP has maximum coverage limits of $250,000 for your house's structure and $100,000 for its contents. You can usually purchase a policy with higher limits through a private flood insurance company.

Can I be denied flood insurance? ›

You are still eligible to purchase flood insurance provided that your community participates in the NFIP. MYTH: Only residents of high-risk flood zones need to insure their property. FACT: Even if you live in an area that is not flood-prone, it's advisable to have flood insurance.

What is the highest deductible for flood insurance? ›

Generally, the higher the deductible, the less you'll pay in premiums. NFIP flood insurance deductibles can range from $1,000 to $10,000 for both the building and contents. If you choose a $10,000 deductible, you could get a 40% discount.

What is the most flood insurance you can get? ›

The limit for contents coverage on all residential buildings is $100,000, which is also available to renters. Commercial structures can be insured to a limit of $500,000 for the building and $500,000 for the contents. MYTH: You can't buy flood insurance if your property has been flooded.

Why is flood insurance cheap in Florida? ›

Flood insurance in Florida is cheaper than the national average because of the smaller number of flood-prone areas in this state. Among the counties in Florida, Ponce Municipio has the cheapest average cost ($261 per year).

Does USAA cover floods? ›

USAA sells and services flood coverage under the NFIP. The maximum coverage available is $250,000 for a home and $100,000 for its contents. USAA can refer members to another insurer through the USAA Insurance Agency if additional coverage is needed.

How much is flood insurance in Hilton Head? ›

Prices as of Dec, 2022.
Average Costs through the NFIP.
CityAverage Cost per Policy
Hilton Head Island$546.10
8 more rows

Do I need flood insurance in New Jersey? ›

Flood insurance is not mandatory for homeowners in New Jersey, but it may be a requirement in order to qualify for a mortgage if you live in an area that is at high risk of flooding.

Who writes flood insurance in NJ? ›

New Jersey insurance companies write and service Federal flood insurance, on behalf of the NFIP. FEMA maintains oversight of the so called Write Your Owns (WYOs), ensuring they are adhering to all the NFIP rules and regulations. The WYOs are not subject to regulation by the State of New Jersey with respect to the NFIP.

What is flood zone A in NJ? ›

Zone A – No Base Flood Elevations determined. Zone AE – Base Flood Elevations determined. Zone AH – Flood depths of 1 to 3 feet (usually areas of ponding); Base Flood Elevations determined. Zone AO – Flood Depths of 1 to 3 feet (usually sheet flow on sloping terrain); average depths determined.

How much is flood insurance in Sugar Land? ›

Insurance Coverage for Flood Damage in Sugar Land

In Sugar Land, flood insurance can average from $400-$2,000 a year depending on where your home is located.

Why did my flood insurance go up in Texas? ›

CORPUS CHRISTI, Texas — There's expected to be an increase in FEMA flood insurance rates for more people this year. The reason that Texas and Florida in particular will see the highest increases in FEMA flood insurance premiums is because the two states have had the most people move into them over the past few years.

Can you build in a 100 year flood zone in Texas? ›

100-year floodplain - Encroachment of buildings and parking areas is restricted. No adverse impact - Proposed development must not result in additional identifiable adverse flooding on other property. Site Plans - A site plan is required for all development proposed within the 100-year floodplain.

What is a 100 year flood zone in Texas? ›

The 1 percent (100-year) floodplain is land that is covered in water during a flood event that has a 1 percent chance of being equaled or exceeded each year. The 0.2 percent (500-year) floodplain is land that is covered in water during a flood event that has a 0.2 percent chance of being equaled or exceeded each year.

Is my property in a flood zone Texas? ›

You can look this up on FloodPro, an online tool that shows floodplain maps, models, rainfall amounts, elevation certificates and floodplain map revision information. Questions? Call 512-974-2843 or send an email.

Does Flood Zone AE require flood insurance in Texas? ›

Defining AE flood zones

Since these areas are prone to flooding, homeowners with mortgages from federally regulated lenders are required to purchase flood insurance through the NFIP.

How do you check if a property is in a flood zone in Texas? ›

You can look this up on FloodPro, an online tool that shows floodplain maps, models, rainfall amounts, elevation certificates and floodplain map revision information. Questions? Call 512-974-2843 or send an email.

Is flood insurance going up in Texas? ›

The cost increases are hitting flood-prone Texas and Florida at a time when both states are seeing their populations swell due to pandemic-driven migration. CORPUS CHRISTI, Texas — There's expected to be an increase in FEMA flood insurance rates for more people this year.

Which of the following events is considered a flood under the SFIP? ›

Events that may initiate such a flooding event include, but are not limited to, the following: ▪ A spillway is opened; ▪ A levee is breached; ▪ Water is released from a dam; and ▪ Water escapes from the banks of a waterway (stream, river, creek, etc).


1. Flood insurance rates increase for many Florida homeowners as new FEMA calculations kick in
(FOX 13 Tampa Bay)
2. Will All Florida Homeowners Be Required To Buy Flood Insurance?
(CBS Miami)
3. Flood Insurance Costs in Flood Zone AE
(Flood Insurance Guru)
4. How much will flood insurance cost you?
(WCPO 9)
5. Flood insurance mandate causing confusion among homeowners in Florida
(10 Tampa Bay)
6. How much does flood insurance cost
(Andrew Craven)


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