How much does flood insurance cost? (2024)

Flood insurance costs an average of $888 per year from the NFIP, according to a Policygenius analysis of 2023 FEMA pricing data. But your rates will depend on your home's location, elevation, characteristics, and cost to rebuild.

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Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
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Deante' PeakeDeante' PeakeLicensed Property & Casualty ExpertDeante' Peake is a licensed property and casualty insurance expert and a former operations manager at Policygenius.

Updated|7 min read

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A standard home insurance policy doesn't cover water damage causing by flooding, which means you'll need separate flood insurance to get reimbursed in the event that your house is flooded. Some mortgage lenders may actually require you to purchase flood insurance if your home is in a Special Flood Hazard Area (SFHA), which are areas with a high-to-extreme risk of flooding.

While flood insurance may seem like just another useless homeownership cost, it's become an increasingly necessary piece of financial protection for homeowners throughout the country given the increased frequency of severe coastal and inland flood events. Learn about how much flood insurance costs in your state, ZIP code, and flood zone, as well as different strategies to keep your rates down.

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How much is flood insurance?

The average cost of flood insurance is $74 a month or $888 per year, according to a Policygenius analysis of 2023 policyholder data released by the Federal Emergency Management Agency (FEMA). [1] This analysis is based on the average policy cost with the National Flood Insurance Program (NFIP) — which provides the vast majority of flood insurance policies in the U.S. — however, it doesn't take into account what homeowners might pay for private flood insurance (which isn't backed by the federal government).

Average cost of flood insurance by state

Depending on your state, average annual flood insurance costs can range anywhere from $400 to $1,600, with states on the East Coast currently paying the most. Here's the average cost of flood insurance in each state (plus Washington, D.C.) for a single-family home in 2023, according to FEMA.

State

Average annual cost

Average monthly cost

Alabama

$927

$77

Alaska

$454

$38

Arizona

$825

$69

Arkansas

$849

$71

California

$901

$75

Colorado

$860

$72

Connecticut

$1,590

$133

Delaware

$874

$73

Florida

$958

$80

Georgia

$791

$66

Hawaii

$1,437

$120

Idaho

$862

$72

Illinois

$1,039

$87

Indiana

$917

$76

Iowa

$867

$72

Kansas

$870

$73

Kentucky

$1,060

$88

Louisiana

$813

$68

Maine

$953

$79

Maryland

$608

$51

Massachusetts

$1,269

$106

Michigan

$811

$68

Minnesota

$943

$79

Mississippi

$858

$71

Missouri

$978

$82

Montana

$899

$75

Nebraska

$824

$69

Nevada

$715

$60

New Hampshire

$1,216

$101

New Jersey

$1,081

$90

New Mexico

$891

$74

New York

$1,184

$99

North Carolina

$791

$66

North Dakota

$798

$67

Ohio

$883

$74

Oklahoma

$876

$73

Oregon

$936

$78

Pennsylvania

$1,075

$90

Rhode Island

$1,062

$89

South Carolina

$798

$66

South Dakota

$937

$78

Tennessee

$887

$74

Texas

$776

$65

Utah

$645

$54

Vermont

$1,197

$100

Virginia

$743

$62

Washington

$918

$76

Washington, D.C.

$404

$34

West Virginia

$1,133

$94

Wisconsin

$878

$73

Wyoming

$907

$76

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Source: FEMA

Average flood insurance rates by flood zone

Flood insurance premiums can vary substantially depending on which flood zone you live in. Homeowners in SFHAs where flood insurance is generally required by lenders, such as zone AE, pay around 59% more on average than homeowners in moderate-to-low risk areas.

Homeowners in undetermined risk areas, which are typically rural areas where a flood hazard analysis has not yet been conducted by FEMA, pay 35% more on average than homeowners in high-risk areas.

Here's how average flood insurance rates compare in each flood zone.

Flood zone

Average annual cost

High risk (all A and V zones)

$1,607

Moderate to low risk (all B, C, and X zones)

$662

Undetermined risk areas (Zone D)

$2,168

Source: FEMA

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The cheapest states for flood insurance

With an average rate of $404 per year, Washington, D.C. has the cheapest flood insurance in the U.S., followed by Alaska, Maryland, Utah, and Nevada.

  1. Washington, D.C.: $404

  2. Alaska: $454

  3. Maryland: $608

  4. Utah: $645

  5. Nevada: $715

Most expensive states for flood insurance

Connecticut's average flood insurance rate of $1,590 per year is the most expensive of any state, followed by Massachusetts, Hawaii, New York, and Rhode Island.

  1. Connecticut: $1,590

  2. Hawaii: $1,437

  3. Massachusetts: $1,269

  4. New Hampshire: $1,216

  5. Vermont: $1,197

Compare flood insurance rates by ZIP code

Food insurance prices can vary substantially depending on which ZIP code, as a home's base flood elevation and other factors that impact rates can differ from neighborhood to neighborhood and even block to block.

We calculated average flood insurance rates for around 14,000 U.S. ZIP codes with at least five active NFIP policies, as well as how this amount compares to the overall average in the state for each ZIP code.

Type in your ZIP code below to see the average cost of flood insurance where you live. 

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5 factors that impact the cost of flood insurance

There are multiple factors that the NFIP and private flood insurance companies use to calculate your flood insurance rates, including your home's location, characteristics (like its foundation type), and the home's replacement cost value, which is based on how much it'd cost to rebuild your home from the ground up in the event of a disaster.

Here’s a look at the different factors that affect flood insurance prices.

Flood risk in your location

Your flood insurance rates hinge primarily on your home's location and how susceptible it is to being flooded. If your house is near a large body of water or in an SFHA, meaning a high-risk flood zone with at least a 26% chance of flooding during the course of a 30-year mortgage, you’ll likely pay significantly more than if you lived in a moderate- to low-risk area. 

Home characteristics

Flood insurance costs are also based on various details about your home, such as its foundation type (like if you have a basement or crawlspace), its age, and whether appliances and other property inside the home is above the base flood elevation (BFE). Homes with finished basements, lots of property below the BFE, or that aren't retrofit with flood mitigation features are likely going to cost more to insure. 

Coverage limits

The more coverage you need to replace your home or personal possessions, the higher your flood insurance premiums will be. The NFIP provides up to $250,000 in building coverage to cover damage to your home’s structure and any built-in systems or appliances. You also have the option of purchasing up to $100,000 in contents coverage for your personal belongings, such as clothing and furniture. If you opt for private flood insurance, you may have access to higher limits of coverage for both your home and your belongings.

Deductible level

Your policy deductible is the amount you’re responsible for paying before your flood insurance will cover the rest of the damage. Choosing a higher deductible can lower your rates, but increases the out-of-pocket amount you need to pay when you make a claim.

Where are flood insurance rates increasing the most under Risk Rating 2.0?

In October 2021, FEMA completely overhauled how it determines NFIP flood insurance prices by introducing a new pricing methodology called Risk Rating 2.0. The changes increased the cost of flood insurance on roughly 77% of existing NFIP policies.

According to FEMA, Risk Rating 2.0 incorporates more flood risk variables -- such as the property's replacement value and the likelihood of flash floods and other types of flooding that weren't considered before -- rather than the legacy rating system which only considered the home's flood zone and larger bodies of water. [2]

The agency claims that the new rates will be more equitable and that premiums will be more closely aligned with a property's actual flood risk. However, it also means that a substantial number of policyholders all over the country are going to see their rates skyrocket for the foreseeable future until each policy reaches its "risk-based cost" according to the new rating system. Federal law states that the NFIP can't increase rates more than 18% in any given year, so it will likely take a number of years for the risk-based cost of many policies to be fully realized.

According to a 2023 report from the Congressional Research Service, FEMA estimates that 50% of current NFIP policies will be at their full risk rate after five years, while 90% will reach their full risk-based cost after 10 years. [3]

With existing NFIP flood insurance policies set to see an average rate increase of 51% nationally in the next 10 years, from the current average of $888 to the average risk-based cost of $1,808, certain states will likely see their average premiums surge more than others.

Here's the states where flood insurance is set to increase the most in the next five to 10 years.

State

Average annual risk-based cost

Difference from current cost (%)

Maine

$2,700

183%

West Virginia

$3,074

171%

Hawaii

$3,653

154%

Mississippi

$2,137

149%

Louisiana

$1,904

134%

Florida

$2,213

131%

Alabama

$2,051

121%

South Dakota

$2,062

120%

Oregon

$1,969

110%

New Hampshire

$2,545

109%

Missouri

$2,038

108%

Kentucky

$2,201

108%

New Jersey

$2,129

97%

Minnesota

$1,832

94%

Washington

$1,782

94%

Iowa

$1,679

94%

Oklahoma

$1,683

92%

South Carolina

$1,531

92%

Pennsylvania

$2,060

92%

Colorado

$1,644

91%

Idaho

$1,633

90%

Connecticut

$3,000

89%

Vermont

$2,248

88%

Tennessee

$1,664

88%

California

$1,689

87%

Arkansas

$1,583

87%

New York

$2,197

86%

Montana

$1,656

84%

Wyoming

$1,669

84%

Texas

$1,405

81%

Kansas

$1,569

80%

Arizona

$1,443

75%

North Carolina

$1,363

72%

Delaware

$1,497

71%

Georgia

$1,332

68%

North Dakota

$1,342

68%

Massachusetts

$2,097

65%

Illinois

$1,697

63%

Nebraska

$1,323

61%

Wisconsin

$1,331

52%

New Mexico

$1,344

51%

Indiana

$1,361

48%

Utah

$953

48%

Ohio

$1,303

48%

Virginia

$1,077

45%

Nevada

$1,031

44%

Rhode Island

$1,503

41%

Michigan

$1,068

32%

Maryland

$742

22%

Alaska

$543

20%

District of Columbia

$407

1%

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Learn more >> How will Risk Rating 2.0 impact flood insurance rates where you live?

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Do I need flood insurance?

Since most homeowners insurance policies don’t cover water damage from flooding, you’ll want to consider flood insurance if your house is in an area at risk of flooding. If you don’t have flood insurance and your home gets flooded, you’ll have to pay for repairs and new belongings out of your own pocket. Flood insurance is also typically required if your home is in a high-risk flood zone and you have a federally backed mortgage.  

However, a startling number of homeowners who should have flood insurance are uninsured, according to our analysis. 

Of the roughly 7 million housing units located in Special Flood Hazard Areas (SFHAs), the highest flood risk designation, just 21% of those homes have flood insurance. [4] [5]

The table below provides a state-by-state breakdown of this finding.

State

Estimated SFHA homes

Estimated uninsured SFHA homes

Estimated percentage of uninsured SFHA homes

Alabama

128,846

113,345

88.0%

Alaska

8,271

7,303

88.3%

Arizona

99,388

87,064

87.6%

Arkansas

82,189

75,705

92.1%

California

388,325

307,591

79.2%

Colorado

43,615

39,571

90.7%

Connecticut

86,907

75,573

87.0%

Delaware

34,713

25,114

72.3%

District of Columbia

3,465

3,260

94.1%

Florida

1,893,920

1,389,972

73.4%

Georgia

231,038

205,089

88.8%

Hawaii

46,243

40,635

87.9%

Idaho

17,047

15,024

88.1%

Illinois

118,485

105,161

88.8%

Indiana

121,354

113,422

93.5%

Iowa

40,825

37,371

91.5%

Kansas

44,039

41,505

94.2%

Kentucky

90,049

80,197

89.1%

Louisiana

247,341

88,224

35.7%

Maine

17,904

15,715

87.8%

Maryland

56,411

43,318

76.8%

Massachusetts

181,393

166,470

91.8%

Michigan

140,620

131,859

93.8%

Minnesota

56,622

54,542

96.3%

Mississippi

145,578

125,269

86.0%

Missouri

76,393

69,179

90.6%

Montana

15,824

14,661

92.7%

Nebraska

39,982

36,260

90.7%

Nevada

31,772

26,337

82.9%

New Hampshire

37,073

34,805

93.9%

New Jersey

230,313

142,352

61.8%

New Mexico

41,125

34,994

85.1%

New York

269,165

214,888

79.8%

North Carolina

225,079

172,863

76.8%

North Dakota

22,977

21,471

93.4%

Ohio

159,918

149,084

93.2%

Oklahoma

90,510

86,605

95.7%

Oregon

59,125

50,107

84.7%

Pennsylvania

160,839

144,530

89.9%

Rhode Island

29,053

25,684

88.4%

South Carolina

196,450

127,900

65.1%

South Dakota

18,781

17,821

94.9%

Tennessee

92,805

83,631

90.1%

Texas

611,937

482,059

78.8%

Utah

11,108

10,625

95.7%

Vermont

13,564

12,391

91.4%

Virginia

153,168

120,385

78.6%

Washington

29,863

17,124

57.3%

West Virgina

62,339

55,395

88.9%

Wisconsin

112,100

107,925

96.3%

Wyoming

5,317

4,845

91.1%

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The percentage of uninsured homes in SFHAs is the ratio of the number of active NFIP policies (as of October 2021) to total housing units in SFHAs in each state based on NYU Furman Center’s ‘Housing in the U.S. Floodplains’ study.

How to save money on flood insurance

There are several steps you can take to mitigate your home’s flood risk and also lower your flood insurance rates. According to FEMA, these are the most effective ways to lower your flood insurance rates. [6]

  • Floodproof your house. Elevating your house, moving water heaters and other home systems to higher ground, filling in basements and crawl spaces, and installing flood openings or barriers in your home can all lead to lower flood insurance rates. 

  • Increase your policy deductible. Setting your deductible at the $10,000 maximum can reduce your rates by as much as 40%, according to FEMA. Before increasing your deductible, make sure it’s set to an amount you can afford.  

  • Community-wide discounts. If your community is enrolled in the NFIP’s Community Rating System, you’re eligible for a discount of anywhere from 5% to 45%. You can visit FEMA’s Community Rating System page to see if your community participates. 

  • Use an elevation certificate. An elevation certificate (EC) is a document that details your home’s flood risk. If you have an EC and it can prove that your home is above the Base Flood Elevation in your community, that could help lower your rates.

Is private flood insurance cheaper than NFIP insurance?

The private flood insurance market is getting bigger, and that may be better for flood insurance rates, according to a study conducted by consulting firm Milliman. The study looked at three states that account for over 50% of NFIP policies — Florida, Texas, and Louisiana — and found that an overwhelming number of homes in each state could see cheaper rates with private flood insurance.

Learn more >> The best flood insurance companies in the U.S.

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Methodology

To find the average cost of flood insurance in each state and flood zone across the U.S., Policygenius analyzed the latest available NFIP premium data released by FEMA for every state and over 14,000 ZIP codes in the U.S.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. The Federal Emergency Management Agency

    . "

    Cost of Flood Insurance for Single-Family Homes under Risk Rating 2.0

    ." Accessed September 22, 2023.

  2. Federal Emergency Management Agency

    . "

    Risk Rating 2.0: Equity in Action

    ." Accessed September 22, 2023.

  3. Congressional Research Service

    . "

    Options for Making the National Flood Insurance Program More Affordable

    ." Accessed September 22, 2023.

  4. NYU Furman Center

    . "

    Housing in the U.S. Floodplains

    ." Accessed December 06, 2023.

  5. Federal Emergency Management Agency

    . "

    How can I pay less for flood insurance?

    ." Accessed June 03, 2022.

Author

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Editor

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Expert reviewer

Deante' Peake is a licensed property and casualty insurance expert and a former operations manager at Policygenius.

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