How Much Does Flood Insurance Cost? What to Know Before Buying a Home


Flooding remains one of the most common natural disasters throughout America, yet most homeowners’ insurance policies won’t cover flood damage.

For those buying a home, this lack of coverage can be easy to overlook—at least until a severe storm leads to catastrophic flooding in your region. Because any area can flood, it’s important to make sure your property has flood insurance, which can be more complex than it sounds. After all, how much does flood insurance cost, and where do you get it?

Here’s what to know before buying a home.

How Do You Get Flood Insurance?

If you can’t get flood insurance from your traditional homeowners’ insurance policy, where does it come from?

Homeowners can get a stand-alone flood insurance policy via the National Flood Insurance Program (NFIP), which is backed by FEMA, or by purchasing insurance from a private insurer. These policies cover millions of homes at risk of flooding throughout the United States.

How Much Does Flood Insurance Cost?

This question is a tricky one, as the answer varies depending not only on the state but also the specific location of your home. Because certain areas are more prone to flooding than others, homes in regions that see more floods will cost more to insure. To understand your risk of flooding, you’ll have to check your flood zone map by state.

The cost of flood insurance will also vary depending on the age and condition of your home. Homes that are elevated may have a lower cost as well. In addition, the type of coverage, deductible, and coverage limit all play a role in your final cost.

According to FEMA, the average cost of a $100,000 flood policy is a little over $400 per year.

Can I Lower the Cost of Flood Insurance?

If this cost sounds too expensive—or if you live in a flood-prone area that requires a higher monthly cost—you may be tempted to put off your purchase. However, resist the urge! Having flood insurance when you need it can protect your property in the long-term, and there are even a few simple things you can do to lower the cost.

First, elevate important appliances like HVAC systems and water heaters. In some high-risk areas, elevating your home will lower your monthly premiums. Raising your deductible is another option, as well as checking for flood insurance discounts in your community.

Get Your Flood Insurance Today

The last thing you want to do is delay the purchase of a policy until after you need it. With the facts in this homeowners’ guide, you’ll be able to take steps to protect your property and family from local flooding. Now that you’re no longer wondering, “How much does flood insurance cost, anyway?” it’s time to seek out a policy that works for you!

Want more of the essential home and real estate tips you need in life? Check out our other helpful guides for more information.

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