The Average Cost of Flood Insurance: A Guide for Homeowners

Nearly 15 million properties in the USA are thought to be at immediate risk of flooding nationally thanks to a variety of aspects.

Climate change is a major factor, for example. It’s estimated that by 2050, it will be over 16 million.

Having insurance is vital for homeowners. So, what is the average cost of flood insurance?

About Flood Insurance

If you have flood insurance, your property and possessions are protected in the event of flooding. It is different from homeowners insurance and can vary depending on which state you live in.

Flooding is considered a natural disaster and is brought about by rivers and lakes flooding in times of high rainfall, as well as flooding from the ocean in coastal regions.

The damage can amount to billions of dollars nationally. Individually, repairs can also be extremely pricey. And so flood insurance is a crucial factor to consider when it comes to your home.

This is not something only homeowners need to think about. Renters are also liable to take out insurance, depending on your tenancy agreement.

The Average Cost of Flood Insurance

It can be tricky to pinpoint precisely how much you can expect to pay for flood insurance, as it fluctuates from state to state. And it usually depends on how likely the state you live in is to suffer from flooding.

There are also other factors to consider – such as the condition of the property you are insuring. Is it an older home, prone to flood damage? Is it newly built, and has protection been factored into the construction of it? Is it positioned close to water, or at the bottom of a hill?

Another factor to consider here is the level of cover you are looking to take out.

All of these elements come into account when looking at the average cost of flood insurance. And it is always sensible to plan ahead when you are looking into property insurance.

Stats

According to the Federal Emergency Management Agency (FEMA), the average premiums for flood insurance annually can fluctuate by around $884 from state to state.

Their latest figures are as follows:

  • Alabama: $686.71
  • Alaska: $901.96
  • Arizona: $665.99
  • Arkansas: $847.08
  • California: $805.83
  • Colorado: $855.56
  • Connecticut: $1,394.83
  • Delaware: $724.06
  • Florida: $723.6
  • Georgia: $550.33
  • Hawaii: $684.36
  • Idaho: $672.64
  • Illinois: $745.56
  • Indiana: $1,045.22
  • Iowa: $999.30
  • Kansas: $1,044.54
  • Kentucky: $881.65
  • Louisiana: $970.54
  • Maine: $664.43
  • Maryland: $1,064.81
  • Massachusetts: $572.91
  • Michigan: $1,251.25
  • Minnesota: $1,008.06
  • Mississippis: $900.48
  • Missouri: $694.75
  • Montana: $1,070.76
  • Nebraska: $704.11
  • Nevada: $997.81
  • New Hampshire: $720.91
  • New Jersey: $1,060.08
  • New Mexico: $960.79
  • New York: $843.38
  • North Carolina: $1,154.84
  • North Dakota: $814.39
  • Ohio: $676.52
  • Oklahoma: $1,046.51
  • Oregon: $856.08
  • Pennsylvania: $888.66
  • Rhode Island: $1,175.58
  • South Carolina: $1,389.22
  • South Dakota: $671.83
  • Tennessee: $931.04
  • Texas: $860.72
  • Utah: $581.11
  • Vermont: $653.78
  • Virginia: $1,391.24
  • Washington: $736.86
  • West Virginia: $901.16
  • Wisconsin: $1,104.16
  • Wyoming: $973.44

According to these numbers the average cost of flood insurance averages at $700, based on figures in 2019.

Stay In the Know

Now you’re clued up on the average cost of flood insurance, be sure to bear this in mind as you shop around for coverage quotes.

It’s always a good idea to research different insurance providers and see how the quotes compare.

For more content about property and homeownership check out the rest of our blog.

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