{"id":7678,"date":"2024-11-11T08:43:51","date_gmt":"2024-11-11T08:43:51","guid":{"rendered":"https:\/\/finderica.com\/how-much-does-flood-insurance-cost-what-you-need-to-know\/"},"modified":"2024-11-11T08:43:51","modified_gmt":"2024-11-11T08:43:51","slug":"how-much-does-flood-insurance-cost-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7678","title":{"rendered":"How Much Does Flood Insurance Cost? What You Need to Know"},"content":{"rendered":"\n
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Floods are the most common natural disaster in the United States. And they can be devastating: Just an inch or two of water can cause more than <\/span>$25,000<\/span> in repairs and lost property.\u00a0<\/span><\/p>\n

Flood insurance, however, is unique. Most policies are sold and backed by the federal government, and <\/span>homeowners insurance<\/span> generally doesn\u2019t cover flood damage.<\/span><\/p>\n

But that valuable protection comes at a cost: roughly <\/span>$888<\/span> on average nationwide in 2023.<\/span><\/p>\n

Here\u2019s how much flood insurance costs now along with ways to save money in the future. <\/span><\/p>\n

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When Insurance Falls Short\u2026<\/h3>\n

Unfortunately, insurance doesn\u2019t cover everything<\/em>. These resources<\/a> can help you manage those unexpected expenses.<\/p>\n<\/div>\n

What Is Flood Insurance?<\/h2>\n

Flood insurance is a type of property insurance that covers a home or business against water damage caused by flooding. Standard home insurance doesn\u2019t cover that kind of damage.<\/p>\n

Flood insurance is available in over 22,600 communities across the U.S. It\u2019s required for homes with government-backed mortgages that sit in areas deemed \u201chigh-risk\u201d by the Federal Emergency Management Agency (FEMA). <\/span><\/p>\n

Many banks also require flood insurance in high-risk zones.<\/p>\n

Coverage is primarily issued by the National Flood Insurance Program (NFIP), which works with more than 50 insurers to sell its policies. Private companies also sell flood insurance, though these policies make up just a small fraction of the overall flood insurance industry.<\/p>\n

More from The SS: <\/strong>What to consider before filing an insurance claim<\/p>\n

How Much Does Flood Insurance Cost?<\/h2>\n

The average cost of flood insurance from the National Flood Insurance Program is roughly <\/span>$888<\/span> a year, or about <\/span>$74<\/span> a month. <\/span><\/p>\n

Your specific flood insurance cost will depend on many factors, including your home\u2019s location, size and elevation.<\/p>\n

For example, if you live in a high-risk flood hazard area \u2014 like zones A, AE or AO \u2014 your flood insurance rates will be much higher than a homeowner living in a lower-risk area.<\/p>\n

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Average Flood Insurance Costs by State <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
State<\/th>\nAverage Annual Cost<\/th>\nAverage Monthly Cost<\/th>\n<\/tr>\n<\/thead>\n
Alabama<\/td>\n$927<\/td>\n$77<\/td>\n<\/tr>\n
Alaska<\/td>\n$454<\/td>\n$38<\/td>\n<\/tr>\n
Arizona<\/td>\n$825<\/td>\n$69<\/td>\n<\/tr>\n
Arkansas<\/td>\n$849<\/td>\n$71<\/td>\n<\/tr>\n
California<\/td>\n$901<\/td>\n$75<\/td>\n<\/tr>\n
Colorado<\/td>\n$860<\/td>\n$72<\/td>\n<\/tr>\n
Connecticut<\/td>\n$1,590<\/td>\n$133<\/td>\n<\/tr>\n
Delaware<\/td>\n$874<\/td>\n$73<\/td>\n<\/tr>\n
District of Columbia<\/td>\n$674<\/td>\n$73<\/td>\n<\/tr>\n
Florida<\/td>\n$958<\/td>\n$80<\/td>\n<\/tr>\n
Georgia<\/td>\n$791<\/td>\n$66<\/td>\n<\/tr>\n
Hawaii<\/td>\n$1,437<\/td>\n$120<\/td>\n<\/tr>\n
Idaho<\/td>\n$862<\/td>\n$72<\/td>\n<\/tr>\n
Illinois<\/td>\n$1,039<\/td>\n$87<\/td>\n<\/tr>\n
Indiana<\/td>\n$917<\/td>\n$76<\/td>\n<\/tr>\n
Iowa<\/td>\n$867<\/td>\n$72<\/td>\n<\/tr>\n
Kansas<\/td>\n$870<\/td>\n$73<\/td>\n<\/tr>\n
Kentucky<\/td>\n$1,060<\/td>\n$88<\/td>\n<\/tr>\n
Louisiana<\/td>\n$813<\/td>\n$68<\/td>\n<\/tr>\n
Maine<\/td>\n$953<\/td>\n$79<\/td>\n<\/tr>\n
Maryland<\/td>\n$608<\/td>\n$51<\/td>\n<\/tr>\n
Massachusetts<\/td>\n$1,269<\/td>\n$106<\/td>\n<\/tr>\n
Michigan<\/td>\n$811<\/td>\n$68<\/td>\n<\/tr>\n
Minnesota<\/td>\n$943<\/td>\n$79<\/td>\n<\/tr>\n
Mississippi<\/td>\n$858<\/td>\n$71<\/td>\n<\/tr>\n
Missouri<\/td>\n$978<\/td>\n$82<\/td>\n<\/tr>\n
Montanta<\/td>\n$899<\/td>\n$75<\/td>\n<\/tr>\n
Nebraska<\/td>\n$824<\/td>\n$69<\/td>\n<\/tr>\n
Nevada<\/td>\n$715<\/td>\n$60<\/td>\n<\/tr>\n
New Hampshire<\/td>\n$1,216<\/td>\n$101<\/td>\n<\/tr>\n
New Jersey<\/td>\n$1,081<\/td>\n$90<\/td>\n<\/tr>\n
New Mexico<\/td>\n$891<\/td>\n$74<\/td>\n<\/tr>\n
New York<\/td>\n$1,184<\/td>\n$99<\/td>\n<\/tr>\n
North Carolina<\/td>\n$791<\/td>\n$66<\/td>\n<\/tr>\n
North Dakota<\/td>\n$798<\/td>\n$67<\/td>\n<\/tr>\n
Ohio<\/td>\n$883<\/td>\n$74<\/td>\n<\/tr>\n
Oklahoma<\/td>\n$876<\/td>\n$73<\/td>\n<\/tr>\n
Oregon<\/td>\n$936<\/td>\n$78<\/td>\n<\/tr>\n
Pennsylvania<\/td>\n$1,075<\/td>\n$90<\/td>\n<\/tr>\n
Rhode Island<\/td>\n$1,062<\/td>\n$89<\/td>\n<\/tr>\n
South Carolina<\/td>\n$798<\/td>\n$66<\/td>\n<\/tr>\n
South Dakota<\/td>\n$937<\/td>\n$78<\/td>\n<\/tr>\n
Tennessee<\/td>\n$887<\/td>\n$74<\/td>\n<\/tr>\n
Texas<\/td>\n$776<\/td>\n$65<\/td>\n<\/tr>\n
Utah<\/td>\n$645<\/td>\n$54<\/td>\n<\/tr>\n
Vermont<\/td>\n$1,197<\/td>\n$100<\/td>\n<\/tr>\n
Virginia<\/td>\n$743<\/td>\n$62<\/td>\n<\/tr>\n
Washington<\/td>\n$404<\/td>\n$34<\/td>\n<\/tr>\n
West Virginia<\/td>\n$1,133<\/td>\n$94<\/td>\n<\/tr>\n
Wisconsin<\/td>\n$878<\/td>\n$73<\/td>\n<\/tr>\n
Wyoming<\/td>\n$907<\/td>\n$76<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Average Flood Insurance Costs by State<\/strong><\/span><\/h3>\n

The SS used data from Policygenius\u2019s analysis of 2023 FEMA pricing data to calculate the national and state average costs of flood insurance.<\/span> The analysis is based on the average policy cost with the National Flood Insurance Program (NFIP) \u2014 which provides the vast majority of flood insurance policies in the U.S. \u2014 however, it doesn\u2019t take into account what homeowners might pay for private flood insurance.The national average does not include U.S. territories. Flood insurance premiums include the federal policy fee that policyholders pay to renew or purchase a policy. <\/span><\/p>\n

4 Factors That Impact Your Flood Insurance Rate<\/h2>\n

Certain factors, like your home\u2019s location and age, make your property costlier to insure. Policy details also help determine flood insurance costs.<\/p>\n

1. Flood Risk<\/h3>\n

This may seem obvious, but your flood insurance rates are largely determined by how susceptible your home is to flooding.\u00a0<\/span><\/p>\n

Homeowners located in what\u2019s known as a <\/span>special flood risk hazard area<\/span> pay the highest flood insurance rates, while people in moderate- and low-risk zones can usually qualify for much lower rates.<\/span><\/p>\n

For decades, flood maps were the primary tool used by insurance agents and lenders to determine your flood risk. FEMA\u2019s flood insurance rate maps use different codes to designate an area\u2019s flood risk.\u00a0<\/span><\/p>\n

Zones beginning with the letter A or V \u2014 including AE or V1 \u2014 are considered hazard areas. Zones beginning with the letters B, C or X are low- or moderate-risk areas.<\/span><\/p>\n

You can see what flood zone you live in by visiting FEMA\u2019s Flood Map Service Center and searching your property\u2019s address.<\/span><\/p>\n

Under FEMA\u2019s Risk Rating 2.0 system, flood maps are still important, but the agency also now considers risks facing each individual property, such as distance to a water source and the cost to rebuild.<\/span><\/p>\n

2. Home Construction<\/h3>\n

How your home is built also factors into your flood insurance costs.<\/p>\n

Some building characteristics that impact your flood risk:<\/p>\n