(Updated July 27, 2023)
What even is flood damage?
Flood damage happens to homes when a body of water overflows, heavy rain pours down, or a mudslide covers the property. This includes tidal waves, tsunamis, hurricanes, rain storms, flash floods, and other phenomena caused by mother nature.
Water damage isn’t the same as flood damage so make sure you know the difference. For more specifics, see Water Damage vs. Flood Damage.
Keep in mind that homeowners’ flood insurance does not usually cover vehicles. However, most comprehensive auto insurance policies do cover flood damage.
Flood Insurance Policy Options
There are two different routes you can take when getting flood insurance.
The most common policy is through the National Flood Insurance Program (NFIP) managed by FEMA and made available by insurance companies approved by FEMA.
Private flood insurance is the alternative that you can find through private flood insurance companies.
Most well-known insurance companies offer flood insurance through the NFIP Direct Program, like these:
- State Farm
- Farmer
- Liberty Mutual
- Geico
- Allstate
- USAA*
- Nationwide
*USAA is only available to US Military and their families.
These are some of the alternative companies that are separate from NFIP:
- Aon Edge
- Neptune Flood
- The Flood Insurance
- Agency (TIFA)
- TypTap
- Hiscox
- Johnson & Johnson
- Better Flood Insurance
The NFIP keeps things simple with property coverage policies that cover up to $250,000 for your home and separate personal belongings policies that cover up to $100,000 for your personal things¹.
Although there isn’t usually a cost difference between the insurance companies, they don’t offer coverage beyond these limits.
Selecting the right policy for you depends on a few things like how much coverage you need, the specifics of your home, and where your home is located.
If you’re considering buying a home in a high-risk flood area, click here for more info on buying a home at risk for water damage.
The national average for flood insurance is $871 annually and $73 monthly. Here are the averages for each state:
Flood Insurance Cost by State
State
Average Annual Cost
Average Monthly Cost
Alabama
$711
$59
Alaska
$548
$46
Arizona
$737
$61
Arkansas
$876
$73
California
$816
$68
Colorado
$815
$68
Connecticut
$1290
$108
Delaware
$698
$58
Florida
$660
$55
Georgia
$691
$58
Hawaii
$655
$55
Idaho
$772
$64
Illinois
$913
$76
Indiana
$925
$77
Iowa
$1060
$88
Kansas
$904
$75
Kentucky
$1148
$96
Louisiana
$745
$62
Maine
$1021
$85
Maryland
$473
$39
Massachusetts
$1165
$97
Michigan
$800
$67
Minnesota
$906
$76
Mississippi
$851
$71
Missouri
$1156
$96
Montana
$797
$66
Nebraska
$866
$72
Nevada
$734
$61
New Hampshire
$1005
$84
New Jersey
$923
$77
New Mexico
$808
$67
New York
$1042
$87
North Carolina
$709
$59
North Dakota
$741
$62
Ohio
$1005
$84
Oklahoma
$879
$73
Oregon
$823
$69
Pennsylvania
$1202
$100
Rhode Island
$1014
$85
South Carolina
$607
$51
South Dakota
$968
$81
Tennessee
$931
$78
Texas
$704
$59
Utah
$585
$49
Vermont
$1356
$113
Virginia
$673
$56
Washington
$847
$71
West Virginia
$1280
$107
Wisconsin
$841
$70
Wyoming
$868
$72
*Visit Austin Sign Co. for infographic materials.
Private Flood Insurance Comparisons
Private flood insurance companies have a multitude of options when it comes to their policies. There are ranges of costs and coverages, depending on the company.
Here’s the breakdown of some of the leading private companies.
Company
Deductible
Coverage
Excess Policy
Available In
Aon Edge
$1000 – $10k
Maximum:
$1.25 million for property
$875k for contents
Yes – with replacement cost up to 15 million
47 states – excluding Alaska, Hawaii, Kentucky, and DC.
Neptune Flood
$1000 – $25k
Maximum:
$4 million for property
$500k for contents
No
50 states
The Flood Insurance Agency (TFIA)
$5000 – $250k
Maximum:
N/A
Yes
48 states
TypTap
$1000 – $5000
Maximum:
$500k for property and contents
No
21 states
Hiscox
$1000 – $100k
Maximum:
$1.25 million for property
$2.5 million total
Yes
50 states
Company
Deductible
Coverage
Available In
Aon Edge
$1000 – $10k
Max:
$1.25 million for property
$875k for contents
47 states – except Alaska, Hawaii, Kentucky, and DC.
Neptune Flood
$1000 – $25k
Max:
$4 million for property
$500k for contents
50 states
The Flood Insurance Agency (TFIA)
$5000 – $250k
Max:
N/A
48 states
TypTap
$1000 – $5000
Max:
$500k for property and contents
21 states
Hiscox
$1000 – $100k
Max:
$1.25 million for property
$2.5 million total
50 states
*Visit Austin Sign Co. for infographic materials.
