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
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.
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
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.
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.
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.
42% of Americans would consider buying an electric vehicle in the next five years, with BMW and Ford models being the most desirable behind... Read More
Most major insurance companies offer a discount for driving safely. If you've avoided at-fault accidents and moving violations, you may be... Read More
Original Medicare and Medicare Advantage programs cover medical transportation at different levels. This depends on the plan and whether... Read More
Most first-time homebuyers need homeowners insurance. Here's what to look for in a policy, when to get it, how much insurance you need and... Read More
Although the cost of tiny home insurance fluctuates by state, it’s 106% more expensive, on average, to insure a full-size... Read More
Major medical insurance offers coverage for serious illnesses, injuries and preventive care. By law, all major medical plans must cover 10... Read More
Kin Insurance has its sights set on simplifying the insurance purchasing process for its customers through the innovative use of... Read More
Wellcare has the best and cheapest Part D plans for 2025. Blue Cross Blue Shield is a good option if you take weight-loss drugs, and Humana... Read More
Health insurance premiums are deductible for the self-employed. Certain factors dictate whether you qualify, how premium costs are treated... Read More
To find the average cost of flood insurance in the U.S., ValuePenguin studied data published by the National Flood Insurance Program (NFIP).
