Flood insurance in New York: How much does it cost & is it required?

The average cost of flood insurance in New York is $1,304 per year when purchased through the National Flood Insurance Program (NFIP). [1] But your own flood insurance rates may be lower or higher than the statewide average depending on your home’s location and risk of being flooded.

While flood insurance isn’t legally required in New York, your mortgage lender may require you to purchase a policy if you live in a Federal Emergency Management Agency (FEMA)-designated high-risk flood zone. New York homeowners can purchase flood insurance through the NFIP, which is a FEMA-backed program, or through private flood insurance companies.

How much is flood insurance in New York?

The average cost of flood insurance in New York is $109 per month through the NFIP, the federal government program that provides most flood insurance policies in the U.S. Meanwhile, private flood insurance costs around $118 per month in New York. 

Looking at the 50 New York towns and cities with the most NFIP policyholders, average flood insurance costs are as high as $2,636 in Ocean Beach, a village with an extreme risk of flooding over the next 30 years; and as low as $609 per year in Massapequa Park, a town with a minor risk of flooding, according to Risk Factor. [2]

Here’s a look at the average cost of flood insurance in New York cities with at least one active FEMA flood insurance policy.

Your flood insurance costs are generally calculated based on the following factors:

• Where you live

• Your home’s elevation and construction type

• The amount of coverage in your policy

• Policy deductible amount

In addition to the above factors, the amount you pay for flood insurance will also depend on how your flood insurance provider calculates your rates.

10 cheapest New York cities for flood insurance

Of the 50 cities and towns with the most active flood insurance policies in the state, we found that these ones have the cheapest flood insurance on average in New York.

City	Average annual cost
Massapequa Park	$609
Shelter Island	$783
Amherst	$815
Huntington	$829
Lawrence	$867
Vestal	$870
North Hempstead	$936
Johnson City	$938
Islip	$994
Union	$1,012

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10 most expensive New York cities for flood insurance

Of the 50 cities and towns with the most active flood insurance policies in New York, we found that these are the most expensive on average for flood insurance.

City	Average annual cost
Ocean Beach	$2,636
Larchmont	$2,461
Rye	$2,294
Yonkers	$2,215
Troy	$2,183
Quogue	$2,153
Westhampton Beach	$2,111
Bayville	$2,075
Owego	$1,931
Saltaire	$1,901

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Flood insurance rates by flood zone in New York

Flood insurance rates in New York will generally vary depending on where you live and whether or not your house is in a FEMA flood zone, which it determines based on the likelihood of flooding over a period of time. 

Any A or V zone, for example, has at least a 1% chance of flooding during any given year. Also referred to as a 100-year flood plain, these areas have the highest flood risk, according to FEMA flood maps. 

Here are the average flood insurance rates in areas with a high risk, moderate to low risk, and undetermined risk, according to an analysis of NFIP premium data.

Regardless of which flood zone you live in, you’ll want to make sure you’re finding the best flood insurance at the most affordable rate. For the best flood insurance policy comparison, consider comparing both NFIP and private flood insurance plans with Policygenius. 

Is flood insurance required in New York?

While you aren’t legally required to buy flood insurance in New York or anywhere else in the country, if your home is one of the approximately 319,596 in a FEMA high-risk flood zone, your mortgage lender may require it as part of your loan agreement. 

But even if your house is only in a low- to moderate-risk flood zone, homeowners should still consider purchasing flood insurance protection. While only around 4% of New York homes are located in FEMA Special Flood Hazard Areas, or areas with a one in four chance of being flooded over the next 30 years, other flood risk projections estimate that as many as 17% of homes may be at risk. [3]

Here’s a look at the total number of housing units and the percentage of all homes in high-risk flood zones for each county in New York.

What does flood insurance cover in New York?

Flood insurance helps cover the cost of flood damage to your home and belongings. That means if your house is damaged due to flooding caused by heavy rainfall, a hurricane, high coastal tides, or any other sources of natural flooding, flood insurance can pay to repair or replace your property. 

A standard flood insurance policy through the NFIP comes with two main coverages that can be purchased together or individually.  

• Building property coverage: Pays to repair or rebuild your house or garage if they’re damaged in a flood. The maximum building property coverage limit with the NFIP is $250,000, meaning that’s the most the NFIP will reimburse you for repairs, regardless of the damage amount.

• Personal property coverage: Pays to repair or replace your belongings if they’re damaged in a flood. This includes your furniture, electronics, clothes, and any other items you own. The maximum personal property coverage limit with the NFIP is $100,000.

Each coverage also comes with its own separate out-of-pocket deductible, which is the amount you’re responsible for paying on each claim. Choosing a higher deductible will lower your flood insurance premium, but it will also reduce your claim payment.

Compare NFIP & private flood insurance in New York

New York homeowners can buy flood insurance in one of two ways: through the NFIP, which is regulated and backed by the federal government and sold by insurance companies, or private flood insurance.

Private flood insurance policies typically come with higher reimbursement limits for your home and personal belongings. Additionally, they often include coverages and perks that aren’t available in the NFIP plan, including loss of use coverage to help cover the cost of lodging or restaurant meals in the event your house is badly damaged and you’re forced to evacuate; or replacement cost coverage for your personal belongings. 

Here’s a look at what New York residents can expect with NFIP and private flood insurance.

	NFIP flood insurance	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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New York flood insurance companies

The best way to shop for flood insurance is to compare quotes from both the NFIP and private flood insurance companies. If you have homeowners insurance, then your provider may offer flood insurance via the NFIP or their own standalone flood insurance policy or coverage endorsement.

After analyzing data from the National Association of Insurance Commissioners, we found at least 7 companies that offer private flood insurance in New York. If you’re looking for better coverage or lower rates, consider getting quotes from one of the following companies. 

Company	Average annual cost
Assurant	$949
Bankers Insurance	$219
Chubb	$2,034
National General	$1,287
Neptune	$884
Trisura	$1,291
United Speciality Insurance	$1,144

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Our team of licensed insurance agents at Policygenius can help you compare policies and find the best option for you. Click the calculator to get started.