How Risk Rating 2.0 Will Affect Flood Insurance Policies
The cost of flood insurance will increase on more than 3.8 million policies, though just 4% of all policies will see the highest increases... Read More
Flood Insurance
Flood insurance helps you pay to fix the damage to your house and belongings caused by flooding. Regular home insurance almost never covers flood damage.
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You might be required to buy flood insurance if your home is in a high-risk flood area and you have a federally backed mortgage, like an FHA or VA loan.
Even if you don't have to get flood insurance, you might want to consider it. Just one inch of floodwater can cause $25,000 of damage to your home, according to the National Flood Insurance Program (NFIP).
How to buy flood insurance
- Through the government-backed NFIP
- Private insurance company
Private flood insurance may be a good option if you need more coverage than an NFIP policy can provide. It also gives you the ability to compare rates with an NFIP policy.
At ValuePenguin, our experts can help you decide whether you need to get flood insurance. We can also help you find the best and most affordable options for flood insurance.
Compare top NFIP insurance companies
The federal government runs the National Flood Insurance Program (NFIP). However, NFIP policies are sold through private insurance companies.
The average cost of an NFIP flood insurance policy is $82 per month or $985 per year.
Flood insurance rates vary based on the state where you live, the style of your home and how close you live to a body of water.
Your quote for NFIP insurance will be the same regardless of which company sells you a policy.
You should focus on finding a company that offers excellent customer service when shopping for insurance from the National Flood Insurance Program.
You should consider getting flood and home insurance from the same company. It can make your life much easier if you have a major emergency and you have to file both a home and flood insurance claim.
An example would be if a hurricane causes wind and flood damage to your house. Your homeowners insurance policy would pay for the wind damage, while flood insurance would cover the flood damage.
Find Cheap Homeowners Insurance Quotes in Your Area
Best NFIP flood insurance companies for customer service
Frequently asked questions
What is flood insurance?
Flood insurance is a type of insurance that pays if your home or belongings are damaged by a flood. Regular home insurance doesn't cover flood damage, so flood insurance is especially important for people near bodies or water or in other high-risk areas.
What is the difference between flood insurance and homeowners insurance?
Flood insurance covers your home and belongings from damage caused by flood water. Homeowners insurance covers many other types of damage, such as fire, smoke and vandalism. But most homeowners insurance policies don't cover damage caused by rising surface water.
What is the difference between NFIP and private flood insurance?
National Flood Insurance Program (NFIP) insurance is backed by the federal government. And the NFIP won't cancel your flood insurance policy after you make a claim. Private companies typically offer higher coverage limits, which could be necessary if you have an expensive home or valuable items.
Flood insurance research & advice
Flood Insurance Rate Increase: How Much You'll Pay This Year
The National Flood Insurance Program increased premiums by an average of 11.3% after April 1, 2020, though different types of property... Read More
Homeowners in These Cities Need Flood Insurance
With inflation and lingering COVID-19 concerns dominating public discourse, the continuing lack of flood insurance coverage in many cities... Read More
How Long Is the Flood Insurance Waiting Period?
Flood insurance usually has a waiting period of 14 to 30 days. There's a 30-day waiting period for federal flood insurance. Private flood... Read More
How Much Is Flood Insurance in Minnesota and When Do You Need It?
The average flood insurance policy in Minnesota costs $958 per year for a policy from the National Flood Insurance Program (NFIP). That... Read More
Flood Insurance in Connecticut: How Much It Costs and When You Need Coverage
Flood insurance costs Connecticut homeowners $1,426 each year, on average. You may be required to purchase flood insurance in Connecticut... Read More
Flood Insurance Costs & Coverage in Massachusetts
The average annual cost of flood insurance in Massachusetts is $1,078 per year for a policy from the National Flood Insurance Program with... Read More
How Much Does Flood Insurance Cost in Pennsylvania?
On average, flood insurance costs $1,261 per year in Pennsylvania. Costs will be different depending on where you live and how your home is... Read More
Flood Insurance in Georgia: Cost and How to Get Coverage
Flood insurance costs $883 per year in Georgia, on average. As a Georgia homeowner, you'll need to buy flood insurance if your home is in a... Read More
Methodology
To find the average cost of flood insurance in the U.S., ValuePenguin studied data published by the National Flood Insurance Program (NFIP).
About the Author
Cate Deventer
Senior Writer
Licensed Insurance Agent
Cate Deventer is a Senior Writer who specializes in health insurance, Medicare, auto and home insurance. She's been a licensed insurance agent since 2011.
She started her insurance career working as a customer service agent for State Farm. She later moved to an independent agency, where she worked with several insurance companies and hundreds of clients. She quoted policies, filed claims and answered insurance questions. In 2021, she pivoted her career and began writing about insurance for Bankrate. She moved to ValuePenguin in 2023 and began writing about health insurance and Medicare.
Cate has a passion for helping readers choose insurance to fit their needs. She enjoys knowing that her research and knowledge help people choose insurance products that make a positive difference in their lives.
How insurance helped Cate
Cate used her health insurance knowledge to navigate a surgery in 2023. Understanding how her policy worked let her focus on recovery instead of worrying about bills.
Expertise
- Health insurance
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Credentials
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Education
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- BA, English, Indiana University
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