How much does flood insurance cost in 2022?

The average cost of flood insurance through the National Flood Insurance Program is $738 per year, but your own flood insurance rates will vary depending on your home’s location and how much coverage you need.

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Pat Howard

Pat Howard

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Pat Howard is a senior editor and licensed home insurance agent 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.

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The average monthly cost of flood insurance in the U.S. is $62, according to our analysis of 2022 National Flood Insurance Program (NFIP) policy data. [1] However, keep in mind your own flood insurance rates will vary depending on your coverage amounts and flood zone.

If you live in a special flood hazard areas, like zones A, AE, or AO, you’ll likely have higher flood insurance rates than a homeowner in an area with lower flood risk. Lenders also usually require homeowners in high-risk flood zones to purchase flood insurance. While it may be tough to avoid unless you own your home outright, there are plenty of ways to keep costs down.

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State

Average cost

All flood zones

Average annual cost

Moderate-risk areas

Average annual cost

High-risk areas

Alabama

$782

$655

$1,161

Alaska

$766

$680

$1,130

Arizona

$680

$640

$790

Arkansas

$721

$642

$1,251

California

$707

$654

$811

Colorado

$805

$693

$1,852

Connecticut

$1,198

$825

$2,585

Delaware

$939

$720

$1,307

Find the average cost of flood insurance in your state in 2022

The cheapest states for flood insurance

Texas and Louisiana — two states with arguably the highest flood risk — also happen to be the cheapest for NFIP flood insurance. Rounding out the top five are the states of Oklahoma, Utah, and Arizona. 

  1. Texas: $643

  2. Oklahoma: $646

  3. Louisiana: $656

  4. Utah: $667

  5. Arizona: $680

The most expensive states for flood insurance

Three of the five most expensive states for NFIP flood insurance are located in the Northeast: Connecticut, Maine, and Rhode Island. Hawaii and New Mexico join them as two of the most expensive states for NFIP coverage. 

  1. Connecticut: $1,198

  2. Maine: $1,065

  3. Hawaii: $1,033

  4. Rhode Island: $1,001

  5. New Mexico: $974

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5 factors that affect your flood insurance rates

There are multiple factors that the NFIP and private flood insurance companies use to calculate your flood insurance rates, including your home's flood risk, the type of coverage in your policy, your policy's deductible amount, and the age and design of your home. 

Here’s a look at the different variables that determine your flood insurance rates.

Flood zone

Your flood insurance rates hinge primarily on how susceptible your home is to being flooded. If your house is in a FEMA-designated 100-year flood plain, meaning an area that faces a 26% chance of flooding during the span of a 30-year mortgage, you’ll likely pay significantly more than if you lived in a moderate to low-risk area. 

Flood zoneAverage annual cost
High-risk areas$1,167
Moderate to low-risk flood areas$630

Coverage types and amounts

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. The more building or contents coverage you choose, the higher your flood insurance premiums will be. 

Home age and construction

The age of your house and the way it’s built will also have a significant impact on your flood insurance costs. Older homes that don’t have proper flood mitigation features, like flood openings or barriers, or home’s that aren’t built up to modern floodproofing standards are likely going to cost more to insure. 

Deductible amount

Your policy deductible is the amount you’re responsible for paying before flood insurance will cover your claim. A higher deductible means lower rates, but it also means you’ll be paying more out of pocket if you ever file a claim for flood damages.

Risk Rating 2.0

Your flood insurance rates may also have been impacted by Risk Rating 2.0 — FEMA’s new method for calculating flood insurance rates. The changes, which went into effect on new policies in October 2021 and existing ones in April 2022, are expected to increase flood insurance rates on roughly 77% of existing NFIP policies. 

According to FEMA, the rate changes do a better job of reflecting each home’s actual flood risk by taking additional sources of flooding into consideration, like heavy rainfall and storm surge. [2] Before the changes, your rates were primarily based on your home’s flood zone.  

What does flood insurance cover?

Flood insurance covers water damage to your home and belongings caused by natural flooding, including heavy rains, overflowing lakes and rivers, storm surge, and rapid snowmelt. 

However, flooding that originates in your house — like a burst pipe or ruptured water heater — is typically covered under your homeowners insurance. Additionally, if a flash flood causes your sewer lines to backup and your house is subsequently flooded, that also wouldn’t be covered by flood insurance. 

FEMA flood insurance includes two types of coverage with their own separate deductible options: building property coverage and personal property coverage.

Building property coverage

  • Your home’s structure and foundation

  • Electrical and plumbing systems

  • Furnaces and water heaters

  • Built-in appliances, including refrigerators, stoves, and dishwashers

  • Permanently installed carpeting

  • Central air-conditioners

  • Cabinets, paneling, and bookcases

  • Detached garages

  • Fuel tanks, well water tanks and pumps, and solar equipment 

Personal property coverage

  • Clothing

  • Furniture

  • Electronics

  • Window air conditioning units

  • Portable appliances

  • Washer and dryers

  • Freezers

  • Artwork, furs, jewelry, and watches

Do I need flood insurance?

Since most homeowners insurance policies don’t cover water damage from flooding, you’ll need 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. [3] [4] 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%

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. [5]

  • 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.

Frequently asked questions

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.

How much does flood insurance cost in zone AE?

The average cost of NFIP flood insurance in high-risk flood areas is $1,167 per year. Homes in the AE zone account for most SFHA policies, so you should expect to pay around that much if your house is located in that zone.

Is flood insurance required?

Flood insurance isn’t required by law, but if you live in a SFHA and you have a federally-backed mortgage on your house, your lender will likely require flood insurance before extending you a loan.

What does flood insurance cover?

Flood insurance covers your home, its foundation, and contents inside your house like furniture, electronics, and jewelry if they’re damaged by flooding. A standard NFIP policy offers up to $250,000 in building coverage for your home, and $100,000 in contents coverage for your belongings.

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 flood insurance policy data from OpenFEMA — FEMA’s publicly available rate tables. Average rates were based on a single-family home with $250,000 in building coverage and $100,000 in contents coverage.