Average Cost of Flood Insurance 2019

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The average cost of a flood insurance policy through the National Flood Insurance Program (NFIP) is $699 per year. The cost of your policy, however, will depend on how much coverage you need, as well as how close to water you live. You can find the average cost by state below and get a sense of what homeowners in your area pay for flood insurance.

Average Cost of Flood Insurance by State

Homeowners and renters insurance companies in every state offer flood insurance coverage from the NFIP, which is managed by the Federal Emergency Management Agency (FEMA). We found the average annual premiums for flood insurance vary up to $844 between states. In the table below, you can see what the average homeowner in your state pays for their flood insurance. Individual policies can vary greatly in cost, however, based on your home’s location and the coverage you choose.

StateMonthly Flood Insurance PremiumYearly Flood Insurance PremiumDifference From Average
District of Columbia$60$7243%
New Hampshire$88$1,06052%
New Jersey$80$96137%
New Mexico$70$84321%
New York$96$1,15565%
North Carolina$68$81416%
North Dakota$56$677-3%
Rhode Island$116$1,38999%
South Carolina$56$672-4%
South Dakota$78$93133%
West Virginia$92$1,10458%

Data calculated by taking written premiums in each state divided by number of flood insurance policies in force in state

Map shows how costs for flood insurance change between states

To learn how to find and buy the best flood insurance, read more here.

States With Highest Average Flood Insurance Costs

The most expensive flood insurance premiums—through the NFIP—were actually in New England, with Connecticut, Vermont, Rhode Island and Massachusetts taking the top four most expensive spots. Pennsylvania, while not in New England, but still in the Northeast, was the fifth most expensive.

Graph shows the five states with the most expensive flood insurance costs

States with the Lowest Average Flood Insurance Costs

Three states that would be expected to have the highest flood insurance costs, Florida, Texas and Louisiana, are among the most affordable. Costs by state come down to the amount of flood coverage homeowners receive on their policies, which can be, in part, determined by flood zones. Based on mean flood insurance costs, Maryland and Utah, are also relatively affordable.

Graph shows the five states with the least expensive flood insurance costs

Cost of Private Flood Insurance

Private flood insurance has recently grown in popularity as an alternative to the NFIP. However, not all states have access to a private flood insurance company. One of the largest companies, The Flood Insurance Agency, operates in 37 states and is currently the only one to quote online. Rates generally don't fluctuate much across state lines, instead they're based on how much coverage receive and how far from the water's edge your home is. Below you can find sample costs of how the cost of private flood insurance varies based on what zones your address falls in.

State"V" Zone"A" Zone"B" Zone and Lower
New Jersey$14,315$2,988$427

Sample premiums are for a two-story house with $250,000 of dwelling coverage, $100,000 of contents coverage, and a $5,000 deductible.

What Does Flood Insurance Cover?

Like homeowners insurance, flood insurance provides coverage of your building property and personal property. However, for NFIP flood insurance these two coverages are purchased separately. Private flood insurers, conversely, often offer the coverages together.

Building property coverage will reimburse you for flood damage to the structure of your home up to your policy's limits. This includes the building itself (including its foundation), electrical and plumbing systems, HVAC systems, and appliances, such as refrigerators and stoves.

Personal property coverage will indemnify you for flood damage to your personal belongings. This includes personal belongings ranging from furniture and portable appliances to clothes and food. You should be aware that valuable items, like artwork and furs, will often only be covered up to individual sub-limits. For an NFIP policy, these sub-limits are set at $2,500.

The NFIP sells policies offering up to $250,000 in building property coverage and $100,000 in personal property coverage. Private flood insurers, on the other hand, generally offer policies with limits in excess of NFIP limits, so homeowners with more expensive homes or personal belongings are well-served in getting a private flood insurance quote.

Do I Need Flood Insurance?

Many homeowners rely on home insurance to protect them from unforeseen disasters and events, unaware that almost all home insurance policies do not cover flood damage. If your home is in an area vulnerable to flooding and you have borrowed to finance your home purchase, you likely have already purchased flood insurance. Any mortgage for a home in a high-risk flood zone from a federally regulated or insured lender comes with a mandate for you to purchase flood insurance on your property.

If you live in a high-risk flood zone and you don't have flood insurance, you should strongly consider it. FEMA rates floods as the most common natural disaster in the country, and your existing homeowners insurance policy almost certainly will not cover you for the damage in the event your home is flooded. You can find out if you live high-risk flood zone, also called a Special Flood Hazard Area, by searching for your address on the FEMA Flood Map Service Center.

Even if you don't live in a high-risk area, you should consider purchasing flood insurance given that it is the best way to get financial protection for the risk of flood damage. In fact, approximately 25% of all flood insurance claims are made by homeowners living in low-to-moderate flood risk areas. Most homeowners in these areas qualify for a so-called Preferred Risk Policy, a FEMA flood insurance policy with cheaper rates that can be purchased for as little as $108 per year.

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