Cost of Flood Insurance in Florida and How Coverage Works

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If you're a homeowner in Florida, flood insurance may be a requirement of your mortgage loan if your house is located in a moderate or high risk flood zone. Flood insurance is also a good consideration even if it's not required due to Florida's low elevation and high exposure to storms. Homeowners and renters insurance policies don't cover floods or even surges, but you can purchase a flood policy through the National Flood Insurance Program (NFIP) or a private insurer. The average cost of a flood insurance policy through the NFIP is $545 per year, but you may be able to find lower rates and greater coverage flexibility by going through a private flood insurance company.

Cost of Flood Insurance in Florida

The average cost of flood insurance in Florida is $545 for policies purchased through the NFIP. Flood insurance rates can vary depending upon whether you're in a high-risk zone, your property's elevation and your house's structure. You can check which zone your house is in using the Federal Emergency Management Agency's Flood Map. Depending on the zone your home is located in, flood insurance rates can range from around $150 to more than $2,000.

You may also receive a higher flood insurance quote if your house is used as a rental property or if you occupy it less than half the year, which are both common scenarios for Florida homeowners. You'll also pay more in fees. The NFIP adds an annual $25 surcharge to each flood insurance policy, but that fee jumps to $250 per year if the house is not your primary residence.

As you can see below, the average cost of flood insurance in Florida's largest cities ranges from $363 to $910 per year.

CityPolicies In ForceCoverage In ForceTotal PremiumsAverage Cost per Policy
Jacksonville24,643$7,175,213,900$10,956,236$445
Miami49,767$10,790,513,800$19,592,824$394
Tampa27,325$7,313,784,500$22,796,638$834
St. Petersburg35,277$7,765,283,000$32,115,703$910
Orlando2,979$770,513,000$1,546,092$519
Hialeah13,380$2,930,931,100$5,173,813$387
Tallahassee1,940$495,252,800$1,290,529$665
Fort Lauderdale38,861$9,525,618,500$15,591,987$401
Port St. Lucie6,215$1,774,398,700$2,325,332$374
Pembroke Pines9,724$2,825,617,600$3,530,612$363

In order to find the best flood insurance rates, we suggest comparing quotes from the NFIP against those from companies that offer private flood insurance. Not all mortgage lenders accept a non-NFIP policy to meet your loan requirements, but if they do, private flood insurance is typically offered at similar or lower rates than those from the NFIP. In addition, a private flood insurance policy may extend higher coverage limits, meaning you could purchase more comprehensive coverage if your house costs more than $250,000 to replace.

Do You Need Flood Insurance in Florida?

While flood insurance isn't mandated by the state of Florida, it's a common requirement of mortgage lenders, particularly if you're in a high-risk flood zone. If the government's flood zone maps indicate your house is located in a flood zone starting with an A or V, you'll likely need to purchase a flood insurance policy. If you're located in an X, C or B flood zone, your home is considered to be at a lower risk of flooding, but nearly a quarter of flood events still occur in these areas.

Many homeowners in Florida are close to a waterfront such as a beach, river or lake, which means they're at a higher risk for flooding. Homeowners and renters insurance policies don't cover flooding, even in the case of surges, or wind-driven water that floods properties, a common effect of hurricanes. If you don't have coverage and a storm hits, you may not get federal assistance through FEMA unless the event is declared a federal emergency. Even then, post-disaster grants are less than $10,000 on average. A flood can easily cause much more damage, as you may need to replace your home's flooring, parts of the walls and your personal property and home appliances.

You'll need a flood insurance policy if you want financial protection after a flood. Otherwise, you'll likely have to pay out of pocket for a significant portion of the damage.

Flood Insurance Companies in Florida

You can purchase NFIP flood insurance from most insurers and agents, so can ask your current homeowners or renters insurance company for coverage if you'd like an NFIP policy. Alternatively, in the last few years Florida has made it simpler for companies to offer private flood insurance as an alternative to the NFIP.

We recommend comparing quotes from private flood insurance companies, as you may get a lower premium and access to higher levels of coverage. Private flood insurance companies may also offer coverage more quickly, with policies starting in as few as three days after coverage. An NFIP policy, on the other hand, typically has a 30-day waiting period before coverage kicks in.

The following insurance companies are primary writers of flood insurance in Florida.

  • AIG
  • American Integrity Insurance Company of Florida
  • American Strategic Insurance Corporation
  • Centauri Specialty Insurance Company
  • Edison Insurance Company
  • Federal Insurance Company (Chubb)
  • Florida Peninsula Insurance Company
  • Homeowners Choice Property & Casualty
  • Lloyd's Underwriters (The Flood Insurance Agency)
  • Progressive Property Insurance Company
  • Safe Harbor Insurance Company
  • Southern Oak Insurance Company
  • Tower Hill Insurance Company
  • Typ Tap Insurance
  • Universal Insurance Company of North America
  • US Coastal Property & Insurance Company
  • Voyager Indemnity Insurance Company (Assurant)

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