How Much Does Flood Insurance Cost?

(Get all your answers from an expert and find the coverage you need.)
Written by Ashley Surinak
Written by Ashley Surinak

Insurance doesn’t have to be boring. That’s why we hired Ashley Surinak to be our BA insurance writer. Ashley specializes in making mundane subjects hella-entertaining.

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Q: How Much Does Flood Insurance Cost?

A: There's no simple answer when the question is about insurance costs. The issue is that the cost will depend on a number of factors, and the only way to get an accurate quote for flood insurance is by speaking to your independent agent.

That being said, the two most important factors that affect the cost of flood insurance are:

  • Location: If you live in a specified flood zone, lenders typically require that you purchase flood insurance. If you live elsewhere, you can choose to purchase flood insurance if you believe it's worth the cost. It's common sense that if you live in an area prone to flooding, the cost of coverage will be higher. Proximity to bodies of water may also increase the cost of coverage.
  • Scope of coverage: Flood insurance covers your building and the personal property inside. Building coverage pays for damage to the structure, internal systems (like electric and plumbing), HVAC systems, and appliances. Personal property coverage is for your personal belongings, like furniture and food. The more expensive the property you cover, the higher your premium.

It's always important to keep in mind that if you have certain specialized property, flood insurance won't cover it even though flood insurance covers personal property. If you have expensive artwork, you'll need an additional policy after you have the items appraised if you want the actual replacement value. Also keep in mind that there are two general sources for flood insurance.

  • NFIP: Stands for National Flood Insurance Program. Historically, the federal government was the only flood insurance provider. 
  • Private insurers: Now, private insurance companies offer flood coverage in a variety of states. 

Know the distinction, because your provider will affect certain things, like whether your building and personal property are both covered under one policy or the policies are sold separately. The best way to sort through all of this and to get a quote for flood insurance cost is by speaking to your independent agent.

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