Palomar flood insurance review: Top-rated coverage

Palomar flood insurance comes with stellar customer service ratings, no waiting period, and high coverage limits for homeowners in 30 states.

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By

Jennifer 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.

Edited by

Pat HowardPat 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.

Published|1 min read

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Palomar flood insurance

Palomar flood insurance logo

Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A-

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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The bottom line

Palomar offers both primary and excess flood insurance policies in 30 states throughout the country with no waiting period for coverage to go into effect. Homeowners looking for flood insurance with high coverage limits may find Palomar to be a suitable option — it offers up to $5 million in coverage for your home and $1 million in coverage for your personal belongings.

It’s also a wise choice if you live in a high-risk flood zone and are looking for a high-deductible policy to cut down on costs. Palomar offers deductibles as high as 5% of your dwelling coverage limit — meaning if you have a $400,000 policy, your deductible could be as high as $20,000.

However, you’ll need to look elsewhere if you live in high-risk states like Florida, Texas, or Louisiana, or if you’re looking for coverage for your mobile home. Palomar also doesn’t cover personal belongings in your basement and building coverage doesn’t extend to swimming pools — two valuable additional coverages you’ll find with other private flood insurance carriers we’ve reviewed.

Learn more >> Palomar named Policygenius' Best Flood Insurance Company for Excess Coverage

Pros

  • Offers both standalone and excess flood insurance policies with no waiting period & high deductible options

  • Covers up to $5 million in flood damage to your home and up to $1 million for your personal belongings

  • Rates are $200 cheaper than the average National Flood Insurance Program policy cost

Cons

  • Not available in flood-prone states like Florida, Texas, or Louisiana

  • Doesn’t cover flood damage to items in your basement, swimming pool cleanup or repairs, or additional structures on your property

  • Policies aren’t available for mobile or manufactured homes

Basic coverages offered

Palomar flood insurance policies include these two standard coverages to protect your home and belongings from flood damage caused by high tides, hurricane storm surge, heavy rain, and more:

  • Dwelling: Also known as building coverage, this is the portion of flood insurance that pays to rebuild or repair the structure of your home if it’s damaged by flooding.

  • Personal property: This is the portion of flood insurance that reimburses you for flood damage to personal belongings inside your home.

  • If you get flood insurance with Palomar, the following two additional coverages are also included in your base policy:

  • Loss of use: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being repaired or rebuilt due to flood damage.

  • Valuable belongings: Covers flood damage to artwork, photographs, collectibles, jewelry, and other prized possessions up to $2,500.

Additional coverages offered

To further protect your home from flood damage, you can add these policy add-ons — also called endorsements — to your Palomar flood insurance policy for an additional cost:

Ratings methodology

Price

4.7/5

Our price rating scale looks at the average cost of a standalone flood insurance policy with the carrier based on 2020 pricing data from the National Association of Insurance Commissioners (NAIC). Palomar earns an above-average rating thanks to its average annual premium of $732. 

Customer experience

4.9/5

Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. It also takes into account the carrier’s waiting period — the number of days before your coverage goes into effect after you purchase a policy. Palomar earns a near-perfect score thanks to its low number of customer complaints and 0-day waiting period.

Coverage options

4.3/5

Our coverage options rating is based on both the number and quality of additional coverage and policy options offered by the company. It also takes into account the carrier’s coverage availability and whether it offers coverage in flood-prone states like Florida, Texas, Louisiana, California, or New Jersey. Palomar scores above average thanks to its availability in 30 states around the country, including California and New Jersey.

Financial strength

2.8/5

Our financial strength rating is based on the company’s AM Best rating — the industry-leading metric to measure a company’s financial strength and stability. Palomar earns its lowest score in this category due to its A- rating with AM Best — the lowest rating of the private flood insurance companies we reviewed.

How much does Palomar flood insurance cost?

The average cost of a standalone flood insurance policy with Palomar is $732 per year, according to our 2023 analysis of private flood insurance pricing data from the National Association of Insurance Commissioners (NAIC). [1] This is based on 15,499 policies and $11.3 million in written premiums. 

However, your own rates will vary depending on factors like your home's flood zone, elevation, and how much coverage you need.

Compare flood insurance quotes from Palomar & other top insurers

Palomar flood insurance state availability

Palomar offers flood insurance policies in 30 states: Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maine, Michigan, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

Palomar vs. NFIP flood insurance

Palomar private flood insurance is an alternative to the National Flood Insurance Program (NFIP) — a government-backed program run by the Federal Emergency Management Agency (FEMA) that accounts for around 90% of residential flood insurance policies. [2]

However, the NFIP’s low coverage limits, 30-day waiting period, and minimal coverage add-ons available have made private flood insurance more and more popular.

Compare Palomar flood insurance to the NFIP to decide which policy makes the most sense for you:

Palomar

NFIP

Average annual cost

$740

$939

Maximum home rebuild limit

$5 million

$250,000

Maximum personal property limit

$1 million

$100,000

Replacement cost building coverage

Yes

Yes

Replacement cost coverage for belongings

Yes

No

Loss of use coverage

Yes

No

Debris removal coverage

Yes

Yes

Basement contents

No

No

Waiting period

0 days

30 days

Highest deductible option

5% of your building coverage limit

$10,000

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Learn more >> Private flood insurance vs. NFIP: Which is better?

What to expect with Palomar flood insurance

  • How to get a quote: You can get a Palomar flood insurance quote online through Policygenius or by filling out a form on Palomar’s website to have an agent contact you.

  • Customer service options: You can get in touch with a Palomar customer service rep by calling 619-567-5290, emailing PassHelpDesk@plmr.com, or filling out a form on its website.

  • How to file a claim: You can file a Palomar flood insurance claim by completing an online form or emailing Claims@plmr.com if you have a standard flood insurance policy or ESClaims@plmr.com if you have excess flood insurance.

  • How to cancel your policy: You can cancel your Palomar flood insurance policy by contacting your Palomar agent (their contact info should be on your policy declarations page).

Palomar vs. other flood insurance companies

Compare Palomar flood insurance to other insurers in the industry:

Company

Policygenius rating

AM Best rating

Cost

Palomar flood insurance

5.0/5

A-

$$

Neptune

5.0/5

A

$$

Neptune flood insurance

5.0/5

A

$$

Palomar

5.0/5

A-

$$

Chubb

4.9/5

A++

$$$$$

Chubb flood insurance

4.9/5

A++

$$$$$

National General flood insurance

4.9/5

A+

$$$

Wright

4.9/5

A+

$

Wright flood insurance

4.9/5

A+

$

Allstate

4.7/5

A+

$$$

Allstate flood insurance

4.7/5

A+

$$$

Homeowners of America

4.6/5

A

NA

Kin

4.4/5

NA

$

Kin flood insurance

4.4/5

NA

$

Universal North America

4.4/5

A-

$$

Frontline

4.1/5

A-

NA

Security First Insurance

3.3/5

NA

$

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Frequently asked questions

What other types of residential insurance does Palomar offer?

In addition to private and excess flood insurance policies, Palomar also offers earthquake insurance in California, hurricane insurance in Hawaii, and specialty homeowners insurance in Texas.

What is the difference between Palomar Specialty Insurance and Palomar Excess and Surplus Insurance?

Palomar Specialty Insurance is an admitted insurance carrier, meaning it has to abide by state regulations in terms of what type of coverage is included in its policies as well as how much it can increase rates in a given year. Palomar Specialty flood insurance policies are available in the following states: Arizona, California, Colorado, Hawaii, Illinois, Indiana, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, and Virginia.

Meanwhile, Palomar Excess and Surplus Insurance is a non-admitted surplus lines carrier, meaning it’s not required to be licensed in your state and is able to cover more risks and provide higher coverage limits. However, with no state regulation, Palomar Excess and Surplus flood insurance policies are on average $1,200 more expensive than Palomar Specialty policies.

Palomar E&S insurance policies are available in the following states: Arkansas, Connecticut, Georgia, Kansas, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Mississippi, North Carolina, New Jersey, New Mexico, Texas, Washington, and Wisconsin.

What is the difference between primary and excess flood insurance?

Primary flood insurance refers to a standalone flood insurance policy that covers damage on a “first dollar” basis — meaning coverage kicks in immediately after a covered flood event — while excess flood insurance covers the rest of your claim if your primary insurance is used up. Excess flood insurance is usually purchased in addition to an NFIP policy to supplement its relatively low coverage limits.

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. National Association of Insurance Commissioners

    . "

    Private Flood State Data Collection

    ." Accessed April 26, 2023.

  2. Wharton Risk Management and Decision Processes Center

    . "

    The National Flood Insurance Program: A Primer

    ." Accessed April 26, 2023.

Author

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.

Editor

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.

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