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How Much is Flood Insurance?

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Joel Ohman
Founder, CFP®

UPDATED: Mar 13, 2020

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It’s important to understand that only flood insurance will cover you against a flood…no homeowner’s insurance policy will provide coverage against this specific type of property loss.

Also note that according to, “nearly 25% of flood insurance claims come from moderate-to-low risk areas,” and “the average flood insurance policy costs less than $570 per year.”

This is not a high price to pay to protect your home against severe financial damage brought on by flooding.

Flood Insurance Premiums Vary, But Are Standardized

Just like every other type of insurance policy available to us, flood insurance premiums will vary by how much risk you pose for filing a claim.

However, because flood insurance is underwritten by the National Flood Insurance Program, or NFIP, the rates can be standardized.

You will not have the option to shop your rates with several insurers to get a better deal, as you would with car insurance or life insurance.

And while flood insurance is guaranteed by the NFIP, it is marketed and sold through a variety of companies. Typically, you can purchase flood insurance from a local insurance agent.

No Need to Comparison Shop on Price

The good news is you will pay the same amount for your flood policy no matter where or from whom you purchase the policy, so no worries there.

But there are a couple of details that need to be considered in order to understand the cost structure of a residential flood insurance policy.

1. The availability of, and your decision to purchase building, contents or building and contents insurance will affect how much your premium will be.

2. What “type” of risk home is designated as? Standard, Preferred, High-risk or Coastal

3. The physical structure of your home. Is there a basement, is it covered, is the home on stilts? Can water flow freely under your home built on stilts (are the stilts covered by any sort of structure, metal paneling for example).

Keep in mind that you will have to speak to a flood insurance representative to determine exactly where you fit into this pricing structure.

Additionally, there may be some fees assessed depending on selected coverage and whether or not your community participates in the NFIP.

Tip: Where can I buy flood insurance?

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