How Risk Rating 2.0 Will Affect Flood Insurance Policies
The cost of flood insurance will increase on more than 3.8 million policies, though just 4% of all policies will see the highest increases... Read More
Flood Insurance
Flood insurance protects your home and belongings from damage caused by flooding. Regular home insurance doesn't typically cover flood damage.
You may need flood insurance if your home is in a high-risk flood area and you have a federally backed mortgage, like an FHA or VA loan.
How to buy flood insurance
- Through the government-backed National Flood Insurance Program (NFIP)
- Private insurance company
Until recently, private flood insurance was typically very expensive. But it may be a good option if you need more coverage than an NFIP policy can provide. [/column] [/column]
At ValuePenguin, our experts can help you decide whether you need to get flood insurance. We can also help you find the best and most affordable options for flood insurance.
Compare top NFIP insurance companies
The federal government runs the National Flood Insurance Program (NFIP). However, NFIP policies are sold by private insurance companies.
The average cost of an NFIP flood insurance policy is $82 per month or $985 per year.
However, flood insurance rates vary based on the state where you live, the style of your home and how close you live to a body of water.
Your quote for NFIP insurance will be the same regardless of which company sells you a policy.
So, you should focus on finding a company that offers excellent customer service when shopping for insurance from the National Flood Insurance Program.
You should consider getting flood and home insurance from the same company. It will make your life much easier if you have a major emergency and you have to file both a home and flood insurance claim.
An example would be if a hurricane causes wind and water damage to your house. Your homeowners insurance policy would pay for the wind damage, while flood insurance would cover the water damage.
Find Cheap Homeowners Insurance Quotes in Your Area
Best NFIP flood insurance companies for customer service
Frequently asked questions
What is flood insurance coverage?
Flood insurance is a special type of insurance that protects your home. It covers damage to your home and your personal property from flooding. Regular home insurance usually doesn't cover flood damage.
What is the difference between flood insurance and homeowners insurance?
Flood insurance protects your home and belongings from damage caused by flood water. Homeowners insurance protects against many other types of damage, like fire, smoke and vandalism. But most homeowners insurance policies don't cover flood damage.
What is the difference between NFIP and private flood insurance?
National Flood Insurance Program (NFIP) insurance is backed by the federal government. It's usually cheaper than private flood insurance. And the NFIP won't cancel your flood insurance policy after you make a claim.
Private companies typically offer higher coverage limits, which could be necessary if you have an expensive home or valuable items.
Flood Insurance Research & Advice
54% of People Worry They Can't Afford Disaster Debt
Fifty-two percent of Americans who have experienced a natural disaster weren’t as prepared as they could have... Read More
Does Medicare Cover Cataract Surgery?
Most people with Medicare have coverage for cataract surgery, ophthalmologist appointments and follow-up care.... Read More
HMO vs. PPO Insurance: What's the Difference?
HMO and PPO health and dental plans manage care in slightly different ways, from where you receive services to what you pay out of pocket.... Read More
3 Best Medicare Dental Plans for Seniors
Most dental services aren't covered by Original Medicare.... Read More
Are Your Renovations Covered by Homeowners Insurance?
Most large-scale renovation projects are not covered by a standard homeowners insurance policy. It's important to review your policy to... Read More
HMO Plan Basics: About Health Maintenance Organizations
HMOs (health maintenance organizations) are cheap health insurance plans with more restrictions. HMO means the plan usually only works with... Read More
Despite Blind Spots About Insurance Fraud, Nearly 1 in 3 People Believe They’ve Been a Victim
68% of consumers, on average, aren’t aware of various types of auto insurance fraud, from faulty windshield replacements to bandit tow... Read More
CPI Insurance: How Does It Work? What Does It Cover?
Collateral protection insurance is bought by your lender to pay for damage to your car. You can avoid these expensive policies by buying... Read More
Methodology
To find the average cost of flood insurance in the U.S., ValuePenguin studied data published by the National Flood Insurance Program (NFIP).