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.
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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 |
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.
Utah: $716
Alaska: $747
North Dakota: $805
Nevada: $805
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.
Connecticut: $1,557
Massachusetts: $1,418
Hawaii: $1,399
New York: $1,304
Rhode Island: $1,289
Find the average cost of flood insurance in your state in 2023
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.
Flood zone | Average 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.
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% |
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.
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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.