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Average Cost Of Flood Insurance

Washington Private Flood Insurance Market

Cost of flood insurance could be going up in Florida

There are alternatives to the NFIP or government insurance, and this is called Private flood insurance most notably Lloyds of London Flood insurance. However, there are other options available in Washington. We shop all the possibilities for your property in your region to ensure you are getting the best premium if you are ready to have us do the work for you click here.

Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.

Pros And Cons Of Private Flood Insurance

Though private policies cost more than federal plans, most private sellers allow payments to be made in installments and dont require a waiting period for coverage to go into effect. Additionally, most also offer replacement cost for your personal items, rather than the actual cash value, which is lower.

But bear in mind that private flood insurance is a concept thats somewhat untested and doesnt have a long history. The private flood insurance industry has really just started to come into its own the last several years or so and if you have a flood, after your insurer makes that payout, they can cancel your policy. The NFIP cannot. So thats one reason to consider going with or sticking with the NFIP.

What Does Flood Insurance Cost

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Youve fallen in love with that charming little house near the river. But if you buy that home, your mortgage lender will require you to buy flood insurance. Will the extra expense put your dream home out of reach?

Your flood insurance cost will depend on many factors, including the size, location and elevation of the house. To get a rough idea of what you can expect to pay, check out the average costs below.

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Covers Exorbitant Flood Damage Costs

One inch of flood water can already cause damages amounting to $25,000. Thats already a lot, but many flooding incidents do more harm than that. So if your home gets flooded with four inches of water, youre looking at a loss of at least $100,000.

Flood insurance benefits you and your finances by paying for damages caused by a flood. Floods can result from hurricanes, typhoons, or even heavy or prolonged rain.

Flood coverage can also help pay for damages caused by a sewer backup overtaxed by rainwater.

What’s Not Covered By Flood Insurance In Louisiana

A visual comparison  flood insurance vs flood damage repair

Flood insurance doesnât cover everything. Your car, precious metals or jewels, and property outside your home like a pool or garden, are not covered. The same goes for anything damaged by moisture, mildew or rot, as well as anything damaged by earth movement, like a sinkhole.

Items and expenses not covered:

  • Anything outside your home
  • Cars and most other vehicles
  • Currency and precious metals
  • Living expenses or loss of use
  • Loss of business revenue
  • Any personal property in a basement

Causes of damage not covered:

  • Moisture, mildew or mold that could have been avoided
  • Damage caused by earth movement

If you need coverage for any of the above, your best option is likely a private flood insurance provider.

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Which States Have The Highest Amount Of Total Flood Insurance Losses

For the past five years, NFIP has been issuing over $71 billion in payments. This is an incredibly high amount of coverage when considering how low the actual cost of flood insurance in high-risk locations is. By state, Louisiana has the most at $19,862,586,962, with Texas and New Jersey following close behind.

Is Private Flood Insurance Cheaper Than Nfip Insurance

You may be able to find private flood insurance thats cheaper than NFIP insurance. Private flood insurance companies dont have the same rates, so its wise to shop around and get quotes from multiple insurance companies when looking for a flood policy.

The average cost of NFIP insurance in the U.S. is $995 per year, according to a Forbes Advisor analysis of flood insurance rates.

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Cost Of Private Flood Insurance

Private flood insurance has recently grown in popularity as an alternative to the NFIP, but not all states have access to a private flood insurance company. One of the largest private insurers, The Flood Insurance Agency , operates in 48 states and is currently the only company offering online quotes.

Rates aren’t affected by state borders so much as by your distance from the water’s edge. Private flood insurance pricing is heavily influenced by FEMA’s flood maps. Regardless, the agency’s mapping accuracy has drawn criticism from both insurers and homeowners.

Home Age Design And Construction

New risk rating system could make flood insurance cost five times as much

Newer homes are built with flood prevention and abatement in mind. Construction materials that resist water damage and construction styles, such as integrated floor drains on lower levels to speed up drainage in the event of a flood, can reduce the amount of damage caused by flooding and reduce the overall cost of repair. As a result newer homes, especially those that include these kinds of features, cost less to insure. Older homes wont include these design features and can cost more to repair, especially if the vintage trims and floorboards cant be replaced with products off the shelf and will require custom construction. Older materials may also be drier and more absorbent than newer materials and thus more prone to damage and mold. Therefore, older homes are in general more expensive to insure. Elevating the home, installing floor openings and drains, and even filling in the basement can reduce the cost of a flood insurance policy.

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Factors That Affect Flood Insurance Costs

According to FEMA, government programs and private companies look at these critical factors to figure out their flood insurance rates:

Well go over each one.

Flood Risk. First, the biggest factor that determines flood insurance cost is the historical risk of flooding in your area. If your home is in an area that has experienced flooding in the past, the more your flood insurance is likely to cost. Thats because premiums are primarily based on risk, and insurance companies charge higher premiums to compensate for risk. To learn more about flood risk in your area, you can check out FEMAs flood maps.

Location. The specific location of your home within a floodplain also plays an important role in determining cost. Floodplains are in areas next to rivers and creeks that overflow because of heavy rain. Unless your home is built on a hill or other elevation, the closer you are to a floodplain, the higher your flood insurance premium will be.

Age. Flood insurance providers also base your premium on the age of your home. Older homes can be more prone to flood damage because of their structure or building materials. Insurance companies consider this a big risk andno surprisethey raise premium costs accordingly.

Deductible. A deductible is the amount you must pay when you file a claim before your insurance coverages kicks in. The same math applies to a flood insurance deductible as it does to all insurance deductibles. The higher your deductible, the lower your premium.

Submit An Elevation Certificate

An elevation certificate shows the elevation of your homes lowest floor, plus the buildings location and features. The NFIP doesnt require you to have an elevation certificate to get a policy. But sometimes providing your insurance agent with a certificate could help you qualify for a lower rate.

To get an elevation certificate, ask your local floodplain manager if theres one on file for your home. You can also check whether your property deed includes an elevation certificate.

If your home doesnt have an elevation certificate, you can hire a land surveyor, engineer or architect to create one.

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Flood Insurance Costs By State

Your homes location and specifically the risk of flooding that location comes with has a big impact on the costs of flood insurance. Just take a look at the Insurance Information Institutes list of top states for storm surge losses to see why.

In Florida, more than 2.8 million single-family homes would be at risk in a Category 5 hurricane, equating to about $580 trillion in reconstruction costs. New Hampshire, on the other hand , has just 9,336 homes at risk for about $4.5 trillion in damages.

As you can tell, Florida presents a much higher potential loss than New Hampshire and would likely require a higher-cost policy to insure a home.

Check Out: Flood Insurance: Definitions and Other Important Terms

How Does Private Flood Insurance Work

How Much Does Flood Insurance Cost ~ news word

Where available, private flood insurance can often be purchased as either an alternative to NFIP flood insurance or as enhanced coverage to add to an NFIP policy.

Here are a few potential advantages of private flood insurance over an NFIP policy:

  • You can sometimes get a better rate from a private flood insurance policy than you can on one issued through the NFIP.
  • Some private flood insurance providers offer higher coverage limits than the NFIP, which can prove valuable if the replacement cost value of your home is more than $250,000 or your personal items are worth more than $100,000.
  • Some private flood insurance companies often offer loss of use coverage, which pays for temporary living expenses while your home is being repaired. NFIP flood insurance does not include loss of use.

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Cost Of Flood Insurance In Florida

The average cost of flood insurance in Florida is $562 for policies purchased through the NFIP.

Flood insurance rates are calculated based on a number of factors specific to your home, like your property’s elevation, bulding materials and distance to the coast. Depending your home’s characteristics, flood insurance rates can range from around $190 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 $389 to $950 per year.


In order to find the best flood insurance rates, we suggest comparing quotes from the NFIP with those from companies that offer private flood insurance. 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. However, private flood insurers are permitted to cancel your policy if they deem your home to be too high-risk to insure.

How Is Flood Insurance Calculated In Florida

Is flood insurance expensive in Florida? The average flood insurance premium in Florida is under $500 a year. Your exact premium is calculated by factors such as amount and type of coverage, location of the property, the age and value of your home, property elevation and structure, and the deductible.

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Relocate To A Less Risky Area

A more drastic way to save money on flood insurance is to relocate your home to a lower flood risk area. Although this does not remove your risk of flooding completely, moving to a low- or moderate-risk flood area can not only lower your flood insurance premium, but reduce the likelihood you will have to file a flood claim.

Get An Elevation Certificate

Rising tide of flood insurance costs: Can you change FEMA flood zone designation?

If your home is located above a certain elevation, you can get a lower flood insurance rate, but youâll need to provide an elevation certificate. This document verifies that your home is built at an elevation above the height that a major flood could reach in your area. You might already have an elevation certificate included in the property deed for your home. If not, you can hire a land surveyor, engineer, or architect to determine the elevation and provide documentation.

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Q How Quickly Can I Get Flood Insurance

Flood insurance can be purchased at any time. However, the policy may not take immediate effectso homeowners wont want to wait to purchase the policy until a 100-year storm is on the way. Policies purchased through the NFIP have a standard 30-day waiting period between the purchase of the policy and the date that the policy takes effect, while private insurers usually have a waiting period closer to 14 days.

Tips For Filing Flood Claims In Texas And Florida

Texas and Florida often get hit hard by hurricanes.

If you live in Texas, you may be interested in learning about the blue tarp law. Its often considered an anti-consumer law and one that favors insurance companies. Thats because, well, it does make life easier for insurance companies. Heres a quick overview of related issues and stipulations:

  • Cuts interest on unpaid claims for which the insurance company is found liable from 18% to 8%.
  • Requires attorneys to file a notice letter with an insurance company more than 60 days prior to a lawsuit being filed. The letter must explain details that justify the claim as well as the amount of damages suffered.
  • Lawsuits filed without the prior notice letter will be abated or delayed the intent is it will provide time to satisfy the notice letter provision.
  • The notice provision allows inspection of the property and provides additional time for insurance companies to avoid litigation by settling the dispute, claim proponents.
  • In addition to insurance claims for flood damage, the law applies to claims for damage connected to hailstorms, earthquakes, wildfires, tremors, tornadoes, lightning and wind, snow and rain storms.

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Helps Pay For Damaged Building Components

Most flood insurance policies come from the National Flood Insurance Program . Its a federally backed program with over 20,300 participating communities.

NFIP flood insurance is usually a two-part policy, with the first being for the building. The building coverage helps pay for the repairs of flood-damaged components, including:

  • Detached garages
  • Essential appliances like refrigerators and cooking stoves
  • Built-in appliances such as dishwashers
  • Permanently installed carpeting and cabinets

If you have a solar energy system at home, its also a covered inclusion in NFIP flood insurance. Likewise, the coverage applies to window blinds, well water tanks, and pumps.

However, note that the maximum building coverage amount is only $250,000. If that isnt enough, consider purchasing additional coverage through a private insurer.

Should You Purchase Flood Insurance If Youre Not In A High

How Much Does Flood Insurance Cost In California

Floods are increasing everywhere and not just in typically high-risk areas. Having a flood insurance policy on your home can help protect your finances should your area fall victim next.

If you opt not to purchase flood insurance, make sure you have a good emergency fund on hand. This will help you cover the costs of any future flood-related damages.

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The Annual Premium In A High

This option will take properties that have had one flood loss before as long as it has been more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP. I will write practically all risks, dont need an elevation certificate to rate, and are sometimes a bit lower in premium than the NFIP. In this case, the NFIP Lloyds and NFIP are beating this option.

Not Private Flood Insurance But Nfip Resellers

Suppose you have Nationwide flood insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below. In that case, you are buying the NFIP flood policy that has their logo on the declaration page and are just reselling through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

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Average Flood Insurance Cost By State

There are a few factors that impact the cost of flood insurance, and where you live is one of the biggest. Naturally, flood insurance is most expensive in states that are located along the coastline, in high-risk hurricane areas, and in certain flood zones. The table below includes the average cost of flood insurance in all 50 states.


Questions To Ask About Flood Insurance

Flood insurance costs changing across Western Washington

Flood insurance, while generally similar to other types of insurance, has different parameters and regulations than other policies a homeowner may be familiar with. As a result, its important for homeowners to ask their agent questions about anything that seems unclear or unfamiliar. The problem is when a homeowner doesnt know what questions to ask, so the following are some questions that those who havent purchased flood insurance before may not know to ask.

  • Do I actually need flood insurance?
  • Does my homeowners insurance already include a flood clause?
  • Do I need flood insurance as a renter?
  • Am I in a flood zone?
  • Does this policy include sewer backup coverage?
  • Does this policy cover my entire home and property?
  • What is the lowest point of elevation on my property?
  • Does this policy pay out the actual cash value for damage or the full replacement value?
  • How long is the waiting period before this policy is active?
  • What is the most frequent reason for denying a claim?
  • What is the process for filing a claim? Is there a time limit?

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