Do I Need Flood Insurance in North Carolina? How Much Does It Cost?
If you live in an area where flooding is common and you have a mortgage, you need flood insurance in North Carolina.
North Carolina flood insurance costs an average of $916 per year for a policy from the National Flood Insurance Program (NFIP). You might also be able to buy a policy from a private flood insurance company, which could be cheaper and give you more coverage. Your homeowners insurance doesn't cover flood damage, which could leave you with expensive bills if your home floods.
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How much does North Carolina flood insurance cost?
The average cost of flood insurance in North Carolina is $916 per year for an NFIP policy. Annual flood insurance rates in North Carolina range from about $200 to over $5,000, depending on where you live.
Western North Carolina, which is more mountainous than the rest of the state, has a higher risk of flooding than coastal counties. Robbinsville, a town in the Western corner of the state, has the highest average rate for flood insurance at $5,275 per year. But if you live on the coast, you still likely need flood insurance.
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Your home insurance companies might sell National Flood Insurance Program policies. And some companies even sell their own flood insurance.
Cost of NFIP flood insurance in NC by city
City | Average annual rate |
|---|---|
| Aberdeen | $1,472 |
| Ahoskie | $697 |
| Alamance | $377 |
| Alamance County | $999 |
| Albemarle | $1,234 |
Counties in the City column are for homes outside of the city limits.
The cost of flood insurance depends heavily on whether you live in a high-risk flood zone. Even in high-risk counties, your home may be in a high enough area that the risk of flooding is low. If the lowest floor of your home is elevated, you will likely pay even less.
What does flood insurance cover in North Carolina?
Flood insurance covers your home and belongings when an area that is usually dry has flooded.
NFIP flood insurance covers a maximum of $250,000 for your home's structure and $100,000 for your personal belongings. The $250,000 structure limit, also known as your dwelling coverage, covers the cost to rebuild your home if it's damaged in a flood. This number is different from what your home might sell for. That's usually higher because it includes the value of the land it is built on.
NFIP dwelling coverage protects:
- Your home's walls, windows, doors and roof
- Standard home systems like a furnace, HVAC and electrical wiring
- Built-in appliances like a refrigerator or stove
- Permanent flooring like hardwood or carpeting
- Detached garages (up to 10% of your coverage limit)
- Debris removal
NFIP personal property coverage protects:
- Furniture and rugs
- Electronics
- Portable appliances, like microwaves
- Clothing
- Window treatments
- Frozen (but not refrigerated) food
- Valuables (up to $2,500)
But flood insurance doesn't cover everything. If you keep any of your belongings in a basement, for example, your flood policy will not cover damage to those items.
Not covered by NFIP insurance
- Belongings kept in basements
- Trees and plants
- Pools and hot tubs
- Decks
- Fences
- Precious metals
- Cash and stock certificates
NFIP flood insurance also doesn't cover the cost for you to live somewhere else if your home is damaged by a flood. And if you run a business out of your home, flood insurance doesn't pay for lost income if a flood interrupts your business.
If you want or need more or different coverage, get a quote from a private flood insurance company in North Carolina.
Private flood insurance companies might be able to cover your home or belongings up to a higher limit, and they often have a wider range of coverages.
Do I need flood insurance in North Carolina?
If you live in a high-risk flood area and you have a mortgage, you probably have to buy flood insurance.
Otherwise, there's no law in the state saying that you have to buy a flood insurance policy.
Homes that are in a Federal Emergency Management Agency (FEMA) flood zone beginning with "A" or "V" need flood insurance to get a mortgage. These homes are typically located at a low elevation above sea level, like the Outer Banks, or near a river, like the Catawba. Their proximity to water means that they have a 1% or greater chance of flooding each year.
Even if your home isn't near any water, you should consider buying flood insurance.
About a quarter of all floods happen in low-risk areas. And flood damage is not covered by standard homeowners insurance. Just a few inches of flood water can easily cause tens of thousands of dollars in damage. Without a flood insurance policy, you would have to pay for the damage yourself.
How do I find out which flood zone my house is in?
To find out what flood zone your house is in, use the North Carolina Flood Risk Information System (FRIS) online mapping tool.
The NC FRIS tool shows where floods are likely, so you can see if your home is at risk. The tool even includes a calculator that uses your home's square footage, elevation and building value to give an estimate of how much you might pay for flood insurance.
Keep in mind that the numbers the tool gives you are an estimate, not an exact quote. You have to contact an insurance company or a local North Carolina flood insurance agent to get an actual quote for flood insurance.
How do I get flood insurance in North Carolina?
Start by checking if your home insurance company also sells flood insurance.
If your home is damaged in a major storm, it will make your life a lot easier to work with one company for your flood and homeowners insurance claim.
There are two kinds of flood insurance in North Carolina: policies from the National Flood Insurance Program (NFIP) and policies from a private insurance company.
Most insurance companies and agencies can help you get an NFIP policy. The NFIP is a federal program, so a policy costs the same no matter what company you buy it from.
Some insurance companies sell their own flood insurance, also called "private flood insurance." It's a good idea to get both a National Flood Insurance Program quote and a private quote. Private insurance can be cheaper and might give you better coverage.
Largest NFIP flood insurance companies in NC
Company | Market share % |
|---|---|
| North Carolina Farm Bureau | 16% |
| Selective | 14% |
| Allstate | 14% |
| Assurant | 13% |
| The Hartford | 12% |
*Flood insurance from USAA is only available to members of the military, veterans and their families.
Largest private flood insurance companies in NC
Company | Market share % |
|---|---|
| AXA SA | 13% |
| AIG | 11% |
| Liberty Mutual | 10% |
| Zurich | 8% |
| Trisura | 8% |
Some companies offer both NFIP and private flood insurance, like Allstate, Wright National and The Hartford. This makes it easy to compare quotes and find the best policy for you.
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Which is better for flood insurance in NC: federal or private flood insurance?
Private flood insurance might be cheaper than a National Flood Insurance Program policy. But federal policies are more reliable.
Both NFIP policies and private policies have pros and cons.
NFIP policies
Private policies
It may be tempting to find the cheapest rate and buy that policy, but you should consider the perks and drawbacks of each type of coverage before deciding.
Frequently asked questions
How much is flood insurance in NC?
The average cost of flood insurance in North Carolina is $916 per year for a policy from the National Flood Insurance Program. But rates range between about $200 to over $5,000 per year, depending on where you live. How your home was built and the elevation of your property also affect your rates.
Is flood insurance required in North Carolina?
North Carolina doesn't require anyone to buy flood insurance. But if your home is in an area that has a high risk of flooding, you probably need flood insurance if you have a mortgage.
Who needs flood insurance in NC?
You should buy flood insurance if you are in a moderate- or high-risk flood zone. Usually, this means you live near the coast or another body of water, like a lake or river. But flooding can happen anywhere, so it's a good idea to get a flood insurance quote no matter where you live or how high your flood risk is.
Methodology
To find the average cost of flood insurance in North Carolina, ValuePenguin used data from the National Flood Insurance Program (NFIP).
Market share info for the largest flood insurance companies in North Carolina is from S&P Global, a financial data resource for the insurance industry.
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