How much does flood insurance cost?

The average cost of flood insurance in the U.S. is $939 per year for a policy with $225,000 in building coverage and $75,000 in contents coverage, according to our analysis of 2023 National Flood Insurance Program (NFIP) policy data released by FEMA. [1]

If your house is in a high-risk flood zone and you have a mortgage on the property, your lender will likely require you to purchase flood insurance. While it may seem like just another added expense, it's more important than ever to have flood insurance given the increased frequency and severity of flood events due to rising sea levels and climate change.

Average flood insurance cost by state

Flood insurance rates are influenced by several factors specific to your property and policy, such as where you live, the amount of coverage in your policy, your deductible amount, and whether you're purchasing NFIP or private flood insurance.

Average flood insurance prices are anywhere from $700 to $1,500 per year, depending on your state and your home's proximity to the the coast or a major body of water. While the highest average premiums are mainly in New England, flood insurance costs are increasing the fastest in Texas, Louisiana, Florida, and other southern states.

State	Average annual cost	Difference from previous year (%)	Average building coverage amount	Average contents coverage amount
Alaska	$747	-15%	$231,051	$82,459
Alabama	$986	6%	$212,027	$72,253
Arkansas	$917	9%	$182,580	$66,752
Arizona	$852	14%	$219,752	$78,193
California	$859	7%	$237,933	$91,363
Colorado	$945	6%	$221,506	$81,685
Connecticut	$1,557	0%	$230,060	$80,517
District of Columbia	$721	-2%	$214,370	$81,844
Delaware	$1,077	4%	$234,931	$81,204
Florida	$964	9%	$226,767	$75,373
Georgia	$856	9%	$222,559	$81,406
Hawaii	$1,399	6%	$240,487	$87,130
Iowa	$819	2%	$171,929	$64,323
Idaho	$881	8%	$228,863	$85,600
Illinois	$1,026	1%	$185,357	$65,896
Indiana	$987	7%	$179,480	$65,078
Kansas	$858	6%	$170,216	$65,592
Kentucky	$1,057	6%	$155,817	$53,330
Louisiana	$856	11%	$211,586	$75,783
Massachusetts	$1,418	1%	$228,514	$79,007
Maryland	$855	-2%	$227,104	$81,129
Maine	$1,078	0%	$222,861	$79,907
Michigan	$886	0%	$191,235	$70,546
Minnesota	$823	3%	$202,957	$77,671
Missouri	$1,009	2%	$171,431	$61,579
Mississippi	$880	9%	$197,466	$71,962
Montana	$920	2%	$197,366	$75,044
North Carolina	$920	5%	$223,840	$72,259
North Dakota	$805	5%	$221,528	$86,741
Nebraska	$934	1%	$187,941	$67,676
New Hampshire	$1,017	-2%	$210,548	$74,089
New Jersey	$1,209	2%	$233,430	$67,543
New Mexico	$944	8%	$199,207	$71,264
Nevada	$805	5%	$224,903	$82,623
New York	$1,304	3%	$229,192	$79,380
Ohio	$937	3%	$171,153	$62,197
Oklahoma	$906	10%	$194,754	$72,743
Oregon	$921	4%	$228,110	$84,727
Pennsylvania	$1,030	4%	$172,028	$61,604
Rhode Island	$1,289	-4%	$227,571	$80,955
South Carolina	$852	2%	$236,792	$86,382
South Dakota	$924	6%	$193,069	$72,512
Tennessee	$875	8%	$209,210	$77,546
Texas	$843	17%	$221,728	$84,315
Utah	$716	3%	$219,500	$85,089
Virginia	$907	5%	$222,658	$75,434
Vermont	$1,059	2%	$199,773	$72,875
Washington	$930	4%	$225,801	$79,984
Wisconsin	$869	3%	$190,420	$71,330
West Virginia	$1,037	11%	$139,153	$48,183
Wyoming	$868	-3%	$220,208	$85,815

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Source: Federal Emergency Management Agency policy data for 2022 and 2023

The cheapest states for flood insurance

With an average NFIP flood insurance rate of $716 per year, Utah has the cheapest flood insurance of any U.S. state. Rounding out the best states for cheap flood insurance are Alaska, North Dakota, Nevada, and Iowa.

1. Utah: $716

2. Alaska: $747

3. North Dakota: $805

4. Nevada: $805

5. Iowa: $819

The most expensive states for flood insurance

Connecticut's average NFIP flood insurance price of $1,557 per year is the most expensive of any U.S. state, followed by Massachusetts, Hawaii, New York, and Rhode Island.

1. Connecticut: $1,557

2. Massachusetts: $1,418

3. Hawaii: $1,399

4. New York: $1,304

5. Rhode Island: $1,289

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 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. 

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.  

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

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

Learn more >> What flood insurance covers

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.  

Learn more >> When is flood insurance required?

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%
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. [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.

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.