How Much Does Flood Insurance Cost in Pennsylvania?
Flood insurance in Pennsylvania costs $1,261 per year, on average.
Find Cheap Homeowners Insurance Quotes in Pennsylvania
Flood insurance is a good idea if you own property in an area at high risk for flooding. A standard homeowner's insurance policy will not cover flooding, and disaster relief funds rarely pay for the full cost of flood damage.
In addition, many mortgage lenders require you to buy flood insurance to qualify for a home loan if you live in a Special Flood Hazard Area (SFHA).
How much is government flood insurance in Pennsylvania?
Federal flood insurance costs $105 per month in Pennsylvania on average.
That's $23 per month more than the national average. While many factors go into determining flood insurance quotes, where you live will typically have the biggest impact on your monthly rate.
Even within Pennsylvania, flood insurance rates differ significantly between cities.
City | Average coverage amount | Average rate |
|---|---|---|
| Philadelphia | $261,090 | $781 |
| Pittsburgh | $373,167 | $2,422 |
| Allentown | $273,459 | $2,092 |
| Erie | $336,679 | $980 |
| Reading | $498,738 | $3,850 |
Keep in mind that the cost you pay for a flood policy will also depend on factors like where you live in your city and your home's design.
If you live in Harrisburg, you'll pay roughly three times more for similar coverage limits compared to people who live in Philadelphia. The higher monthly rate reflects the greater likelihood of flooding in the Harrisburg area.
Flood insurance rates can differ significantly even within the same city. That's because FEMA sets rates based in part on the likelihood that an area will experience flooding. So, low-lying homes will typically have higher rates than hillside houses, and people who live close to the banks of a river may pay more for flood insurance than those further away.
Your mortgage lender may require that you buy flood insurance if FEMA decides that your home is located in an area that has a higher risk of flooding, called a Special Flood Hazard Area (SFHA).
How to get cheap flood insurance in Pennsylvania
Compare NFIP and private insurance quotes to get the best deal on cheap Pennsylvania flood insurance
Broadly speaking, you have two choices for flood insurance in Pennsylvania.
- National Flood Insurance Program (NFIP) policies are widely available and typically offer good coverage at a fair price. Although the government backs NFIP policies, they're sold by third-party agents and private insurance companies.
- Private insurance companies also sell flood insurance plans. It's a good idea to compare quotes because you can sometimes get a better rate by going with a private plan. Private companies may also sell policies with higher coverage limits than NFIP plans.
You can buy up to $250,000 of NFIP coverage for your home and up to $100,000 for your personal possessions. That means if a flood causes $300,000 of damage to your house, you're responsible for paying for the remaining $50,000 with a full coverage NFIP policy.
Consider a private flood insurance policy if you think you'll need more coverage. For example, you can get up to $15 million of coverage through Chubb.
A single inch of floodwater causes an average of more than $26,000 worth of damage. That means even a small amount of flooding may prove costly if you don't have flood insurance.
Flood insurance companies in Pennsylvania
The NFIP backs most flood insurance plans, but it relies on private companies to sell policies and handle flood damage claims. In Pennsylvania, the law also lets you buy flood insurance directly from licensed private companies.
These companies may offer better value than the standardized NFIP policy.
There are currently 45 insurance companies that sell private flood insurance in Pennsylvania.
Companies offering private flood insurance |
|---|
If you prefer to work with an agent, the Pennsylvania state government maintains a list of licensed independent agents online.
Do I need flood insurance in Pennsylvania?
It's a good idea to buy a policy if you live in a flood-prone area. Floods occur throughout the state meaning no one part of Pennsylvania is particularly at risk. You can use the PennState flood risk tool to get an idea of whether you need flood insurance or not.
Remember, your homeowners or renters policy won't pay for damage caused by flooding. That means you'll have to pay out of your own pocket to repair your home if you don't have flood insurance.
FEMA may offer some financial assistance in the event of a natural catastrophe. However, payouts rarely cover more than a fraction of your costs. For example, the average FEMA payout for Pennsylvania residents in the wake of Hurricane Ida was just $2,300. In contrast, those with flood insurance got $45,000 on average.
When to buy flood insurance in PA?
Your flood insurance policy won't start working until 30 days after you buy it. It's a good idea to get your plan over the winter since floods in Pennsylvania commonly happen during the spring.
The waiting period doesn't apply during the following situations.
- You buy flood insurance when you get, extend or change your mortgage.
- You change coverage limits when renewing your policy.
- Under some circumstances when flooding is caused by a wildfire.
The 30-day waiting period is reduced to just one day if your home is rezoned into a high-risk flood area. You can qualify for this for up to 13 months after the rezoning.
Frequently asked questions
How much does flood insurance cost in PA?
On average, flood insurance in Pennsylvania is $1,261 per year. The average policy includes $213,564 of coverage.
Is flood insurance required in Pennsylvania?
Pennsylvania state law doesn't require homeowners to buy flood insurance. However, many lenders require you to get flood insurance to qualify for a mortgage if you live in a Special Flood Hazard Area (SFHA).
Is flooding covered by homeowners insurance?
Homeowners insurance won't cover flood damage, although your policy may cover water damage caused by a broken pipe and sometimes from a leaking roof.
Methodology
Flood insurance rates came from the National Flood Insurance Program (NFIP), which regulates flood insurance rates throughout the country. Most homeowners with flood insurance buy it from insurance companies and agents participating in the NFIP. Information about private flood insurance companies came from S&P Global.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.