Flood Insurance in Connecticut: How Much It Costs and When You Need Coverage

Flood Insurance in Connecticut: How Much It Costs and When You Need Coverage

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The average annual premium for flood insurance in Connecticut is $1,395. This number includes only policies that are obtained through the National Flood Insurance Program (NFIP). You may be required to obtain flood insurance if your home is located in an area that the Federal Emergency Management Agency (FEMA) has designated as a high-risk flood zone. We go over the varying costs of flood insurance across Connecticut and which companies you can look to for coverage.

How much does flood insurance cost in Connecticut?

The average Connecticut homeowner with federal flood insurance pays $1,395 for $256,000 in coverage. But because NFIP rates are calculated from property-specific factors like location and structure, your own flood insurance rates may end up being much higher than the statewide average.

It's easier to understand the influence of geography when you compare flood insurance costs between cities. In our analysis of the most recently available FEMA data, we looked at where flood insurance is most in demand. Out of the 10 towns and cities with the highest number of active flood insurance policies, six were located in Fairfield County.

Cities with the most active flood insurance policies in Connecticut

Policies in force
Average coverage amount
Average premium
Old Saybrook1,391$263,436$1,483

Because FEMA recalculates flooding risk on its rate maps annually, the cost of coverage can vary from year to year as well as from place to place. Checking your flood zone designation is a basic step in understanding the potential costs of coverage for your property. The agency also allows homeowners to request a review of their designation if they believe it overestimates the flood risk for their zone (which leads to inflated premiums).

Finding cheap flood insurance in Connecticut

If you're unsatisfied with either the price or amount of coverage offered by an NFIP flood insurance policy, you'll need to compare quotes from the private flood insurance market in Connecticut. Most flood insurance policies in the country are either bought directly from the NFIP or through one of its approved private insurers, which means that NFIP rates are the same regardless of which provider you speak to.

However, the high cost of NFIP premiums has led many states to work towards adding more private flood insurance options. Private flood insurance premiums can cost far less than equivalent coverage from an NFIP policy, particularly in areas with relatively low risk of flooding. Providers such as Lloyds of London write private flood policies in Connecticut and other states.

When is flood insurance required in Connecticut?

If you're located in one of FEMA's Special Flood Hazard Areas (SFHA), federal law requires your mortgage lender to make flood insurance a mandatory part of your loan agreement. If your neighborhood happens to be rezoned into a new SFHA after the annual update of FEMA's flood rate maps, your lender may inform you that you need to get flood insurance.

Even if you aren't in an SFHA, your lender may make you get flood insurance anyway based on its reading of the local risk. However, keep in mind that in most cases NFIP flood insurance only provides coverage of $250,000 for your building and $100,000 for your possessions. If your property and belongings are worth more than that, you may need to purchase a supplementary flood insurance policy from a private insurer for full protection.

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