Best flood insurance companies (2024)

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By

Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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The 6 best flood insurance companies of 2024 

A typical homeowners insurance policy won’t cover flood damage to your home or personal belongings, which makes flood insurance a necessity for anyone who lives in a high-risk area. As climate change continues to increase the frequency and severity of flood events, it’s important to consider which companies offer the best flood insurance in the here and now.

To find the 6 best flood insurance companies of 2024, we looked at company pricing data from the National Association of Insurance Commissioners (NAIC), financial strength ratings, policy options, coverage availability, and customer experience and availability of online resources. [1] [2]   

Click on the company links to jump down to learn about why they made our list of the best flood insurance companies in 2024. 

Compare flood insurance companies

Company

Average annual cost

AM Best rating

Policygenius rating

Neptune

$749

A (Excellent)

5 out of 5

Wright

$470

A+ (Superior)

4.9 out of 5

Allstate

$939*

A+ (Superior)

4.7 out of 5

Kin

$856

Not rated**

4.4 out of 5

Chubb

$2,698

A++ (Superior)

4.9 out of 5

Palomar

$740

A- (Excellent)

5 out of 5

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*Based on a policy through the National Flood Insurance Program (NFIP) with $250,000 in building coverage and $100,000 in contents coverage. Your own rate with the NFIP will be the same regardless of whether you choose Allstate or another company that sells NFIP flood insurance.

**Kin is not rated with AM Best, however it does have an A (Exceptional) rating from Demotech, an independent rating agency.

Methodology

How we picked the best flood insurance companies & why you can trust us

To find and rank the best flood insurance companies of 2023, Policygenius analyzed 17 companies across several different categories. We considered each company’s average flood insurance premium, financial strength ratings with AM Best and Demotech, policy options and state availability, customer experience, product transparency, and the quality and availability of online resources.

Neptune: Best overall

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2024 Policygenius award winner

Neptune

Neptune flood insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

Neptune is a relative newcomer in the private flood insurance marketplace, but it has wasted no time becoming a major player thanks to its innovative underwriting capabilities and flexible coverage options.

Pros and conschevron icon

Pros

  • Offers up to $4 million in building coverage for your home

  • No waiting period if you're purchasing coverage for a mortgage, or 10 days if you don't have a requirement

  • Up to $10,000 in coverage for belongings stored in your basement

Cons

  • Lack of industry reputation

More detailschevron icon

Neptune flood insurance overview

  • Policy options: Private primary flood insurance

  • AM Best rating: A (Excellent)

  • Waiting period: 10 days (unless for a mortgage)

  • Elevation certificate: Not required

  • Availability: All 50 states and Washington, D.C.

  • How to get a quote: Online through Policygenius or Neptune

Neptune’s private flood insurance option is likely the most comprehensive in our analysis, providing building coverage up to $4 million, high coverage limits for structures not attached to your home, and up to $10,000 in coverage for belongings stored in your basement — a rarity in flood insurance. That, along with nationwide availability and relatively affordable premiums make Neptune the best overall flood insurance company in our analysis.

Neptune flood insurance coverage details

Below are some of the highlights of Neptune’s main policy option:

  • Max building coverage: $4,000,000

  • Max contents coverage: $500,000

  • Additional structures: Up to $50,000

  • Temporary living expenses: Up to $10,000

  • Basement contents: Up to $10,000

  • Deductible options: $1,000 to $25,000

Wright: Best cheap flood insurance

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2024 Policygenius award winner

Wright

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

Wright Flood is one of the largest providers of flood insurance in the U.S, providing both NFIP and affordable private flood insurance options through Wright National Flood Insurance Services and its partnering companies.

Pros and conschevron icon

Pros

  • Among the most affordable flood insurance options on the private market

  • Offers a wide mix of policy options from several different companies

Cons

  • May be unclear who to contact to update or cancel your policy

More detailschevron icon

Wright flood insurance overview

  • Policy options: Private primary, excess, and NFIP flood insurance

  • AM Best rating: A+ (Excellent)

  • Availability: Up to 40 states, but varies by policy type

  • Waiting period: 0 to 30 days depending on the policy type

  • Elevation certificate: Not required for non-NFIP policies

  • How to get a quote: Online through Wright or by calling a Wright agent

With an average annual flood insurance premium of $470 per year, Wright offers the best cheap flood insurance of any company in our analysis. Wright’s affordable flood insurance options are mainly due to the plethora of policy options and carrier mix it offers in the ~42 states it services.

Depending on your state, you may have the option of Wright’s own proprietary flood insurance product (ResiFlood), its excess flood insurance, or standalone coverage through partnering insurers Hiscox and Chubb. While it may not always be clear who to contact in the event of a policy question or claim, one thing is clear: Wright will consistently find you the lowest rates on flood insurance.

Wright flood insurance coverage details

Below are the coverage details of four of Wright’s policy options: ResiFlood, its own residential flood insurance policy; Hiscox and Chubb, two partnering companies who offer high-value and NFIP-equivalent flood insurance through Wright, respectively; and Wright Flood, which provides excess flood insurance to supplement NFIP flood insurance policies.

Wright ResiFlood

Hiscox

Chubb

Wright Excess Flood

Policy type

Primary

Primary

Primary

Excess

Dwelling

Max of $1 million

Max of $1.25 million

Max of $2 million for both dwelling & contents

Max of $1.75 million

Personal property

50% of dwelling limit, max $250,000

Max of $875,000

70% of dwelling limit

Max of $100,000

Other structures

10% of dwelling limit, max of $50,000

10% of dwelling limit

Not available

Not available

Loss of use

20% of dwelling limit, max of $50,000

20% of dwelling limit

Up to $5,000 (where available)

Not available

Deductible options

$1,000 to $20,000

$1,000 to $25,000

$1,000 to $50,000

Not available

Other details

No EC or waiting period, replacement cost settlements

7-day waiting period unless for a mortgage, no EC required

7-day waiting period unless for a mortgage, NFIP coverage forms

Excess coverage for NFIP policies, no EC required, 30-day waiting period unless for mortgage

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Chubb: Best for high-value homes

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2024 Policygenius award winner

Chubb

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

Chubb is the industry leader at providing robust and customizable flood insurance for expensive homes thanks to its excellent financial strength and over 100 years of experience tailoring policies to suit the needs of its high net-worth clientele.

Pros and conschevron icon

Pros

  • Up to $15 million in building coverage

  • Comprehensive policy options

  • No waiting period if purchased for a mortgage, or 10 days without a mortgage requirement

Cons

  • Rates can be prohibitively expensive

More detailschevron icon

Chubb flood insurance overview

  • Policy options: Private primary and excess flood insurance

  • AM Best rating: A+ (Superior)

  • Availability: 41 states and Washington, D.C.

  • Waiting period: 10 days (unless for a mortgage)

  • Elevation certificate: Not required

  • How to get a quote: Online through Policygenius or by calling Chubb

Chubb’s high-value flood insurance policy includes up to $15 million in coverage for your home and belongings, coverage for additional structures and additional living expenses, and up to $15,000 in coverage for belongings stored in your basement. If your home is valued at more than $1 million and you have other property insurance needs, look no further than Chubb.

Chubb flood insurance coverage details

Below are some of the highlights of Chubb’s high-value flood insurance policy.

  • Max building coverage: $15,000,000 per location (building and contents)

  • Additional structures: 10% of total property limit

  • Temporary living expenses: Up to $7,500, but optional higher limits may be available

  • Basement contents: Up to $15,000

  • Deductible options: $1,000 to $50,000

Allstate: Best for NFIP coverage

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2024 Policygenius award winner

Allstate

Allstate logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.7

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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

Allstate is our top pick for National Flood Insurance (NFIP) policy management due to its extensive network of agents, excellent educational resources and online policy management, and other flood insurance options through National General, its subsidiary.

Pros and conschevron icon

Pros

  • Below-average number of customer complaints

  • Can purchase your home, car, and flood insurance all through Allstate

  • Private flood insurance option available from National General in some states

Cons

  • Below-average digital experience rating with J.D. Power

More detailschevron icon

Allstate flood insurance overview

  • Policy options: NFIP flood insurance

  • AM Best rating: A+ (Superior)

  • Availability: All 50 states and Washington, D.C.

  • Waiting period: 30 days 

  • Elevation certificate: Required in high-risk flood zones

  • How to get a quote: Online through Policygenius or Allstate

Allstate is one of our top-rated companies in our study of the best homeowners insurance companies in 2024 in large part due to its high customer satisfaction ratings. So when you get NFIP flood insurance through Allstate, you can expect the same level of personalized service and claims handling.

Allstate flood insurance coverage details

If you live in a community that participates in the National Flood Insurance Program, you may be able to purchase a policy with Allstate or any other private company that participates in the NFIP’s Write-Your-Own (WYO) program. It also offers private flood insurance from National General, a subsidiary of Allstate.

Here’s a brief overview of the coverages and limits included in an NFIP flood insurance policy.

  • Max building coverage: $250,000

  • Max contents coverage: $100,000

  • Additional structures: Up to 10% of building coverage (for detached garages only)

  • Temporary living expenses: Not available with the NFIP

  • Basement contents: Not covered

  • Deductible options: $1,000 to $10,000 (separate building & contents deductibles)

Kin: Best Florida flood insurance

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2024 Policygenius award winner

Kin

Kin insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.4

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).

NA

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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

Founded in 2016, Kin may lack industry experience and reputation, but this company knows what it’s doing. Florida and Louisiana homeowners can purchase Kin flood insurance as a home insurance add-on — all while saving both time and money.

Pros and conschevron icon

Pros

  • Offers flood insurance as a home insurance add-on

  • No waiting period

Cons

  • Founded in 2016, so it lacks industry reputation

More detailschevron icon

Kin flood insurance overview

  • Policy options: Offered as add-on to homeowners insurance policy

  • AM Best rating: Not rated

  • Availability: Florida and Louisiana

  • Waiting period: None 

  • Elevation certificate: Not required

  • How to get a quote: Online through Kin

If you live in the Sunshine State and you’re in search of affordable flood and home insurance all rolled into one, look no further than Kin. Kin utilizes advanced underwriting and risk modeling technology to ensure your rates are based on your home’s individual risk, compared to the NFIP and competitor companies with less precise methods of assessing and rating risk. This is all to say that with Kin, Florida homeowners will never pay more than they absolutely should for flood insurance. 

Kin flood insurance coverage details

Below are some of the highlights of Kin flood insurance, which it adds as an endorsement to your homeowners insurance policy.

  • Max building coverage: Equal to dwelling coverage limit

  • Max contents coverage: Equal to personal property coverage limit

  • Additional structures: Equal to other structures coverage limit

  • Temporary living expenses: Equal to loss of use coverage limit

  • Basement contents: Not covered

  • Deductible options: Home insurance deductible applies to flood loss

Palomar: Best for excess flood insurance

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2024 Policygenius award winner

Palomar

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "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 ($$$$$).

$

$

$

$

$

Why we chose itchevron icon

With its high available coverage limits and willingness to cover homes in any flood zone, Palomar has the best and most affordable excess flood insurance for those with NFIP policies who are in need of additional coverage.

Pros and conschevron icon

Pros

  • Affordable and comprehensive excess flood insurance option

  • No waiting period

Cons

  • Only available in 18 states

More detailschevron icon

Palomar flood insurance overview

  • Policy options: Excess flood insurance

  • AM Best rating: A- (Excellent)

  • Waiting period: None

  • Elevation certificate: Not required

  • Availability: 18 states

  • How to get a quote: Online through Policygenius or Palomar

Palomar is one of the industry leaders in specialty and excess flood insurance coverage, writing both admitted and non-admitted flood insurance policies in 18 states. Homeowners who need an extra bit of coverage in addition to their NFIP flood insurance can get up to $5 million in buildings coverage, $1 million in personal property coverage, and temporary living expenses coverage of up to $50,000.

Palomar flood insurance coverage details

Below are some of the highlights of Palomar’s excess flood insurance policy.

  • Max building coverage: $5,000,000

  • Max contents coverage: $1,000,000

  • Additional structures: 10% of building coverage limit

  • Temporary living expenses: Up to $50,000

  • Basement contents: Not covered

  • Deductible options: Fixed deductibles as low as low as $500

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Flood insurance guide

In this section, we go over what flood insurance is, when homeowners need it, how to choose the best flood insurance for your home, and the average cost of flood insurance in each state for both NFIP and private flood policies. 

Scroll down or click on the links to jump further down the page.

What is flood insurance?

Flood insurance pays for damage to your home and personal belongings in the event they’re damaged during a natural flood event. 

A typical homeowners insurance policy covers certain types of water damage and flooding that originates inside your home — like a plumbing accident or wind-driven rain during a storm — but it won’t cover water damage due to heavy rain, hurricane flooding, high tides, or any other causes of natural flooding. 

A good rule of thumb is if the water flows in from outside, it’s likely not covered under your homeowners insurance policy. 

The extent and quality of flood insurance coverage can vary substantially depending on where your home is located, the type of policy you’re covered under, and other factors. 

Policies purchased through the National Flood Insurance Program generally cover your home’s structure, your belongings, and home systems and appliances, but coverage is limited for property located in basements; and there are other restrictions that can impact your reimbursement amount after a flood loss.

While it’s estimated that over 90% of flood insurance policies are provided by the NFIP, private flood insurance has become an increasingly popular alternative to the federal plan thanks to its more customizable policy options and favorable pricing for homes with minimal flood risk. [3]   In 2021 alone, some states — including Texas, New Jersey, and Oklahoma — saw their total number of in-force private flood insurance policies increase by around 100% versus 2020. 

Who needs flood insurance?

While flood insurance is not required by law, you may be required to purchase coverage if you have a federally regulated mortgage and your home is in a FEMA-designated floodplain. 

If the following apply to your house or mortgage, you’ll likely need to purchase flood insurance.

  • Your home is located in a high-risk flood zone according to FEMA flood maps. If your house is in a zone that starts with an A or V, that means you’re in a FEMA floodplain.  

  • You have a federally regulated mortgage with the FHA or VA, or your loan is backed by Fannie Mae or Freddie Mac.

  • You live in one of the 22,000 NFIP-participating communities.

But even if your mortgage lender doesn’t require this coverage or your house doesn’t have much perceived risk, flood insurance is still a good idea. 

Is private flood insurance better than the NFIP?

While the NFIP is federally backed and available almost everywhere in the U.S, there’s a strict limit to how much coverage you can purchase, and policies come with several restrictions around what the coverage actually pays for. Private flood insurance is less widely available than the NFIP option, but policies are more comprehensive and can often be customized to suit your specific coverage needs. 

While NFIP flood insurance is sold by more than 50 private insurers that participate in its Write-Your-Own program — including companies like Allstate, GEICO, and Farmers — the NFIP underwrites the policies and determines rates, so your coverage and rates will be the same regardless of which company sells you the policy. The insurance company is responsible for servicing the policy and managing claims, so if you’re considering NFIP coverage, you’ll want to choose a company that has stellar claims satisfaction reviews.

On the other hand, private flood insurance policies generally allow for higher building coverage limits, more robust coverages, shorter waiting periods until your policy takes effect, and can often cost less depending on where you live. 

Here’s a look at what you can expect with private flood insurance compared to the NFIP policy.

National Flood Insurance Program

Private flood insurance

Building property coverage

Max of $250,000

Up to $15,000,000 depending on the company

Personal property coverage

Max of $100,000

Up to $1,000,000 depending on the company

Additional living expenses

Not included

Often included

Basement contents

Limited to wall fixtures, air conditioners, washer/dryers

Often covered

Deductible

$1,000 to $10,000

$1,000 to $50,000

Waiting period

30 days

As little as 0 to 10 days

Accepted by mortgages

Yes

Yes

Availability

56 states and jurisdictions

May be limited in higher-risk areas

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

How much does flood insurance cost?

The average annual cost of flood insurance through the NFIP is $738, while private flood insurance costs around $1,074 per year, according to our 2023 analysis of flood insurance pricing data from the NAIC and FEMA. [4] [5]

But keep in mind that the NFIP and private flood insurers have completely different methods for underwriting and rating certain property types and evaluating risk. So your own rates may vary substantially depending on factors like your home's elevation, flood zone, and how much coverage you need.

Compare NFIP & private flood insurance rates in your state

Here is a state-by-state breakdown of how much private flood insurance costs on average each year compared to that of an NFIP policy.

States

Average private flood premium

Average NFIP premium

% difference for private flood

Alabama

$821

$782

4.9%

Alaska

$1,281

$766

67.2%

Arizona

$505

$680

-25.7%

Arkansas

$573

$721

-20.5%

California

$850

$707

20.2%

Colorado

$909

$805

12.9%

Connecticut

$1,515

$1,198

26.5%

Delaware

$1,364

$939

45.3%

District of Columbia

$475

$686

-30.7%

Florida

$1,439

$785

83.3%

Georgia

$1,066

$699

52.6%

Hawaii

$1,945

$1,033

88.3%

Idaho

$1,030

$731

40.9%

Illinois

$683

$729

-6.3%

Indiana

$853

$691

23.4%

Iowa

$653

$752

-13.2%

Kansas

$583

$736

-20.7%

Kentucky

$690

$796

-13.3%

Louisiana

$1,222

$656

86.2%

Maine

$1,356

$1,065

27.3%

Maryland

$770

$755

1.9%

Massachusetts

$1,454

$883

64.6%

Michigan

$787

$753

4.6%

Minnesota

$689

$722

-4.5%

Mississippi

$731

$773

-5.5%

Missouri

$606

$746

-18.7%

Montana

$870

$821

6.0%

Nebraska

$799

$815

-2.0%

Nevada

$517

$767

-32.6%

New Hampshire

$1,232

$937

31.5%

New Jersey

$1,159

$749

54.8%

New Mexico

$654

$974

-32.8%

New York

$1,420

$725

95.8%

North Carolina

$888

$769

15.4%

North Dakota

$589

$699

-15.7%

Ohio

$704

$732

-3.9%

Oklahoma

$639

$646

-1.0%

Oregon

$751

$745

0.8%

Pennsylvania

$934

$766

21.9%

Rhode Island

$1,538

$1,001

53.6%

South Carolina

$1,126

$738

52.5%

South Dakota

$693

$745

-7.0%

Tennessee

$632

$693

-8.8%

Texas

$730

$643

13.5%

Utah

$501

$667

-24.8%

Vermont

$1,568

$731

114.6%

Virginia

$885

$815

8.6%

Washington

$842

$733

14.9%

West Virginia

$819

$721

13.6%

Wisconsin

$753

$737

2.1%

Wyoming

$1,221

$799

52.8%

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Our private flood insurance average was based on 2021 data for “first dollar” policies, or primary flood insurance policies — excess flood insurance data was not included in this analysis. To calculate the average annual premium in each state for both private and NAIC flood insurance policies, we divided the total written premium by the number of in-force policies.

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How to choose the best flood insurance

Not all flood insurance companies or policy options are created equal. Follow these steps to compare your options and choose a policy that suits your coverage needs at the most affordable rate.

1. Determine your coverage needs

To figure out how much flood insurance coverage you need, you’ll want to get an estimate of:

  • The replacement cost of your home: This is the amount it would cost to rebuild your home from the ground up. Replacement cost is based on factors like your home’s square footage, build, and other factors like labor and construction costs in your area.

  • The value of your personal belongings: You’ll want enough personal property coverage to cover the value of your belongings inside the home, including furniture, electronics, and appliances. 

If your mortgage lender requires flood insurance, they’ll likely indicate how much you need to purchase. In most cases, you’ll need at least enough to cover the value of the mortgage. But depending on factors like your home’s location, elevation, and how much coverage you need, you may want to consider more than just the minimum coverage amounts required by your lender. 

2. See what options are available in your area

When looking for flood insurance in your area, you’ll likely need to decide between NFIP and private flood insurance. But there are a few particular types of private flood insurance that you should be aware of:

  • Standalone flood insurance: This a full flood insurance policy (similar to a standard home insurance policy) that often allows for higher coverage limits for your home and belongings and more extensive coverage options than an NFIP policy.  

  • Excess flood insurance: Excess flood policies are purchased in addition to an NFIP policy to provide higher coverage limits for your home and belongings in the event a flood loss exceeds your NFIP coverage limits. 

  • Flood insurance endorsement: A flood insurance endorsement is a home insurance coverage add-on that can be added to your policy for a relatively low additional premium. Though keep in mind that flood endorsements may not provide as much protection as a full standalone policy.

3. Shop around and compare quotes 

Once you know your flood insurance options, be sure to compare flood insurance quotes from at least three companies through a marketplace like Policygenius. 

With Policygenius, you can compare private flood insurance rates from multiple companies, including Neptune, Orchid, and Palomar, as well as NFIP rates through larger companies we offer like Allstate and Progressive.

4. Check for discounts

Once you’ve compared quotes and selected a policy, ask your insurance agent if there are any available discounts that you may be eligible for or ways to lower your policy premium. Here are a few of the most common ways to save on flood insurance:

  • Community-wide discounts: NFIP policyholders who live in communities enrolled in the NFIP’s Community Rating System (CRS) are eligible for flood insurance discounts of up to 45%, according to FEMA. See if you live in one of the 1,520 CRS communities in the U.S.

  • Elevation certificate discounts: An elevation certificate (EC) provides evidence of your home’s elevation relative to your area’s base flood elevation, which is the maximum height floodwaters can rise to during a flood event. If you recently mitigated your home’s flood risk by elevating your house or filling in your basement, an EC can provide the proof you need to get discounts on flood insurance.

  • Increase your flood deductible: Your flood insurance deductible is the amount you’re responsible for paying on each claim before your insurance kicks in. A high policy deductible means lower flood insurance rates, but it also means you’ll be paying more out of pocket in the event of a claim. 

Once your first flood insurance payment is made, you may have a waiting period before your policy goes into effect. For NFIP flood insurance, the waiting period is around 30 days; for private flood insurance, waiting periods are anywhere from 0 to 10 days depending on whether or not you’re purchasing coverage as a requirement of your mortgage or not.

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Frequently asked questions

Which company has the cheapest flood insurance?

According to our analysis of private flood insurance rates, Wright Flood, Bankers Insurance, and Kin have the cheapest flood insurance rates of any company in 2022.

What is the highest deductible for flood insurance?

The highest deductible available through the NFIP is $10,000, while some private flood insurace providers offer deductibles as high as $50,000.

Can you shop around for flood insurance?

If you're considering flood insurance, it's important to shop and compare quotes from multiple companies to ensure you're getting the best flood insurance coverage at the best rate.

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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 Insurance Data Collection

    ." Accessed September 19, 2022.

  2. AM Best

    . "

    AM Best

    ." Accessed September 19, 2022.

  3. University of Pennsylvania Wharton School of Risk Management

    . "

    An Overview of the National Flood Insurance Program in Washington, DC

    ." Accessed March 21, 2023.

  4. Federal Emergency Management Agency

    . "

    Flood Insurance Data and Analytics

    ." Accessed December 06, 2023.

Author

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Editor

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

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