The average cost of flood insurance through the National Flood Insurance Program (NFIP) is $771 a year, or $64 a month.

Since homeowners insurance does not cover flood damage to your home or belongings, flood insurance can provide valuable financial protection. Lenders usually require it for mortgages on homes in high-risk flood zones. It’s also worth considering in many situations when it’s not lender-required.

Most flood insurance is issued by the NFIP, which is managed by the Federal Emergency Management Agency (FEMA), but private companies also offer flood insurance in many states.

Here is a closer look at the estimated costs of NFIP flood insurance in each state and how Risk Rating 2.0, the new process for setting flood insurance premiums, may increase or reduce the amount you pay.

In this article:

How much does flood insurance cost in my state?

The average cost of flood insurance ranges from $52 a month in Florida to $138 a month in Vermont.

NFIP flood insurance rates by state
State Annual Monthly % of homes with flood insurance
Alabama $743 $62 3.2%
Alaska $931 $78 1.0%
Arizona $778 $65 1.2%
Arkansas $977 $81 1.4%
California $916 $76 2.4%
Colorado $1,004 $84 1.1%
Connecticut $1,504 $125 3.1%
Delaware $751 $63 8.1%
District of Columbia $850 $71 1.5%
Florida $628 $52 25.6%
Georgia $740 $62 2.7%
Hawaii $679 $57 18.0%
Idaho $820 $68 1.0%
Illinois $1,132 $94 1.0%
Indiana $1,165 $97 0.9%
Iowa $1,207 $101 1.1%
Kansas $1,059 $88 0.9%
Kentucky $1,191 $99 1.3%
Louisiana $752 $63 35.4%
Maine $1,138 $95 0.5%
Maryland $633 $53 3.8%
Massachusetts $1,317 $110 2.9%
Michigan $1,074 $90 0.6%
Minnesota $1,024 $85 0.4%
Mississippi $852 $71 6.4%
Missouri $1,264 $105 0.9%
Montana $908 $76 1.1%
Nebraska $1,080 $90 1.4%
Nevada $813 $68 1.3%
New Hampshire $1,116 $93 1.6%
New Jersey $963 $80 8.8%
New Mexico $974 $81 1.6%
New York $1,270 $106 3.6%
North Carolina $754 $63 4.3%
North Dakota $850 $71 3.2%
Ohio $1,248 $104 0.7%
Oklahoma $999 $83 0.9%
Oregon $982 $82 2.1%
Pennsylvania $1,407 $117 1.2%
Rhode Island $1,458 $122 3.7%
South Carolina $632 $53 11.9%
South Dakota $1,131 $94 1.0%
Tennessee $996 $83 1.3%
Texas $676 $56 10.7%
Utah $757 $63 0.5%
Vermont $1,652 $138 1.3%
Virginia $807 $67 4.1%
Washington $1,001 $83 1.5%
West Virginia $1,355 $113 1.8%
Wisconsin $1,076 $90 0.6%
Wyoming $1,095 $91 0.8%
National average $771 $64 5.2%
Sources: FEMA, U.S. Census Bureau

Cheapest states for flood insurance

Florida has the cheapest rates on flood insurance, $52 a month, which is slightly less than it costs in South Carolina, $53 a month, and Maryland, also $53 a month.

States with the cheapest flood insurance
State Annual Monthly
Florida $628 $52
South Carolina $632 $53
Maryland $633 $53
Texas $676 $56
Hawaii $679 $57
National average $771 $64
Source: FEMA

Most expensive states for flood insurance

Vermont has the most expensive flood insurance, $138 a month, followed by Connecticut, $125 a month, and Rhode Island, $122 a month.

States with the most expensive flood insurance
State Annual Monthly
Vermont $1,652 $138
Connecticut $1,504 $125
Rhode Island $1,458 $122
Pennsylvania $1,407 $117
West Virginia $1,355 $113
National average $771 $64
Source: FEMA

Understanding Risk Rating 2.0 — FEMA’s new flood insurance rules

Image of flooded house

FEMA recently changed the way flood insurance is priced. On Oct. 1, 2021, the agency rolled out the first phase of Risk Rating 2.0, which was designed to bring more equitable pricing to flood insurance.

Under Risk Rating 2.0, the cost of flood insurance is primarily based on the cost of replacing a home and each property's unique flood risk.

FEMA's Risk Rating 2.0

Risk Rating 2.0 will use five main variables to determine a property’s flood risk:

  • Historical flood frequency
  • Flood type: river, rainfall, coastal surge, coastal erosion
  • Distance to water source
  • Property characteristics: elevation, soil, etc.
  • Cost to rebuild

Risk Rating 2.0 is changing the amounts that millions of Americans pay for flood insurance. More than five million people are currently insured through the NFIP. Nearly 80% of these policyholders will pay $10 to $100 more a month as their policies renew.

Around 1.2 million policyholders will immediately see a rate decrease of between $10 and $100 a month.

Our research shows that, for the most part, property owners in lower-value homes and neighborhoods will pay less under Risk Rating 2.0, while property owners in higher-value homes and neighborhoods will pay more.

How Risk Rating 2.0 will affect each state
State % of policies with an increase % of policies with a decrease % of policies that will increase by $20 or more % of policies that will decrease by $20 or more % of policies that will increase by $60 or more % of policies that will decrease by $60 or more Total policies affected
Alabama 79% 21% 3% 9% 0.2% 6% 52,648
Alaska 14% 86% 1% 47% 0.1% 21% 2,250
Arizona 75% 25% 2% 16% 0.1% 9% 29,261
Arkansas 67% 33% 4% 23% 0.2% 13% 14,397
California 73% 27% 4% 16% 0.1% 9% 214,829
Colorado 57% 43% 4% 20% 0.2% 12% 19,983
Connecticut 63% 37% 9% 26% 0.7% 17% 34,828
Delaware 62% 38% 2% 16% 0.1% 7% 26,147
Florida 80% 20% 4% 5% 0.2% 2% 1,727,811
Georgia 76% 24% 2% 11% 0.1% 7% 81,998
Hawaii 87% 13% 4% 7% 0.3% 5% 61,382
Idaho 72% 28% 3% 16% 0.1% 9% 5,645
Illinois 58% 42% 4% 28% 0.4% 16% 37,677
Indiana 54% 46% 3% 32% 0.1% 19% 20,081
Iowa 63% 37% 6% 24% 0.7% 14% 12,637
Kansas 62% 38% 3% 24% 0.2% 14% 9,565
Kentucky 71% 29% 6% 19% 0.5% 10% 19,361
Louisiana 80% 20% 3% 12% 0.1% 7% 495,923
Maine 66% 34% 9% 16% 0.8% 11% 7,746
Maryland 39% 61% 1% 15% 0.1% 8% 64,942
Massachusetts 61% 39% 6% 24% 0.5% 16% 58,501
Michigan 46% 54% 1% 34% 0.1% 21% 20,481
Minnesota 71% 29% 3% 15% 0.2% 10% 10,541
Mississippi 84% 16% 4% 11% 0.3% 6% 61,317
Missouri 70% 30% 7% 19% 0.7% 12% 19,706
Montana 63% 37% 2% 21% 0.1% 13% 4,339
Nebraska 57% 43% 7% 32% 0.2% 19% 9,129
Nevada 79% 21% 3% 14% 0.3% 9% 10,586
New Hampshire 65% 35% 7% 22% 0.5% 10% 7,747
New Jersey 79% 21% 5% 13% 0.4% 8% 217,178
New Mexico 64% 36% 2% 25% 0.1% 13% 11,556
New York 68% 32% 7% 18% 0.5% 13% 171,099
North Carolina 74% 26% 3% 12% 0.2% 8% 139,842
North Dakota 62% 38% 1% 15% 0.1% 7% 13,161
Ohio 55% 45% 4% 28% 0.4% 18% 29,044
Oklahoma 70% 30% 4% 20% 0.1% 12% 13,024
Oregon 70% 30% 4% 17% 0.2% 11% 24,850
Pennsylvania 70% 30% 7% 19% 0.8% 13% 51,555
Rhode Island 54% 46% 3% 29% 0.3% 22% 12,001
South Carolina 74% 26% 3% 10% 0.2% 5% 208,559
South Dakota 69% 31% 4% 21% 0.2% 15% 3,743
Tennessee 72% 28% 5% 15% 0.4% 9% 27,507
Texas 86% 14% 3% 8% 0.1% 4% 768,537
Utah 47% 53% 1% 18% 0.1% 10% 3,755
Vermont 67% 33% 8% 23% 1.0% 17% 3,330
Virginia 55% 45% 2% 17% 0.1% 9% 104,781
Washington 67% 33% 4% 20% 0.2% 12% 32,547
West Virginia 83% 17% 8% 13% 1.0% 8% 13,337
Wisconsin 56% 44% 2% 27% 0.1% 17% 12,949
Wyoming 67% 33% 3% 22% 0.2% 15% 1,705
United States 77% 23% 4% 11% 0.2% 6% 5,017,534
Source: FEMA

Our analysts also found that Hawaii, Texas and Mississippi have the highest percentages of policyholders who will see a price increase as the new rating system takes effect. Meanwhile, more than 50% of policyholders in Alaska, Michigan, Maryland and Utah will see their rates drop.

West Virginia, Maine and Connecticut have the largest percentages of policyholders who will see a price decrease of $20 or more, while Rhode Island has the largest percentage of policyholders who will experience a price decrease of $60 or more.

Florida has the largest number of policyholders that will see a major change. Nearly 22,000 Floridians will see the cost of their flood insurance drop by $100 or more, and 1,200 policyholders will see it increase by $100 or more.

Risk Rating 2.0 went into effect for new policyholders on Oct. 1, 2021, and on renewals for existing policyholders beginning April 1, 2022.

States where homeowners are dropping flood insurance

FEMA changed the way flood insurance was regulated and priced in 2021. Over the last year, nearly 300,000 property owners have canceled their flood insurance with the NFIP.

Our team of analysts looked at the number of NFIP policies going back to March 2021. We found that 6% of policyholders nationwide have dropped their flood insurance. In some states, however, the number of property owners who have left the program is much higher.

Florida has the highest number of property owners who have left the flood insurance program. Nearly 90,000 people canceled their flood insurance over the last year - twice as many as any other state. Texas, California and New Jersey also have a high number of people who have left the program.

North Dakota has the highest percentage of people who have canceled their flood insurance. More than 70% of policyholders in North Dakota have dropped their flood coverage. In all, six states (Arizona, Oklahoma, Kansas, Minnesota and the Dakotas) had more than 20% of people drop their flood insurance. Utah is the only state that experienced an increase in the number of people with NFIP flood insurance.

National Flood Insurance Program policies in each state
State 2021 Policies 2022 Policies % change
Alabama 52,648 50,341 -5%
Alaska 2,250 2,208 -2%
Arizona 29,261 24,383 -20%
Arkansas 14,397 12,719 -13%
California 214,829 193,281 -11%
Colorado 19,983 17,630 -13%
Connecticut 34,828 31,500 -11%
Delaware 26,147 25,415 -3%
Florida 1,727,811 1,642,223 -5%
Georgia 81,998 77,086 -6%
Hawaii 61,382 58,510 -5%
Idaho 5,645 5,531 -2%
Illinois 37,677 33,782 -12%
Indiana 20,081 17,509 -15%
Iowa 12,637 10,642 -19%
Kansas 9,565 7,813 -22%
Kentucky 19,361 18,454 -5%
Louisiana 495,923 487,983 -2%
Maine 7,746 7,238 -7%
Maryland 64,942 63,195 -3%
Massachusetts 58,501 54,513 -7%
Michigan 20,481 19,691 -4%
Minnesota 10,541 7,547 -40%
Mississippi 61,317 58,460 -5%
Missouri 19,706 17,198 -15%
Montana 4,339 3,883 -12%
Nebraska 9,129 7,917 -15%
Nevada 10,586 9,920 -7%
New Hampshire 7,747 7,172 -8%
New Jersey 217,178 198,422 -9%
New Mexico 11,556 10,796 -7%
New York 171,099 169,280 -1%
North Carolina 139,842 133,412 -5%
North Dakota 13,161 7,603 -73%
Ohio 29,044 25,294 -15%
Oklahoma 13,024 10,682 -22%
Oregon 24,850 24,193 -3%
Pennsylvania 51,555 48,061 -7%
Rhode Island 12,001 11,140 -8%
South Carolina 208,559 201,653 -3%
South Dakota 3,743 2,842 -32%
Tennessee 27,507 26,306 -5%
Texas 768,537 723,597 -6%
Utah 3,755 3,848 2%
Vermont 3,330 3,083 -8%
Virginia 104,781 96,713 -8%
Washington 32,547 31,293 -4%
West Virginia 13,337 11,528 -16%
Wisconsin 12,949 11,451 -13%
Wyoming 1,705 1,578 -8%
United States 5,017,534 4,726,519 -6%

What does flood insurance cover and do I need it?

NFIP flood insurance policies offer up to $250,000 in building coverage and up to $100,000 in contents coverage.

Building coverage pays to repair structural damage to your home, and contents coverage pays to repair or replace belongings such as furniture, electronics, clothing and certain types of appliances. If you’re a renter, you can purchase a contents-only flood insurance policy.

If you have a mortgage on a home in a high-risk flood zone, as determined by FEMA’s extensive mapping system, your lender will probably require flood insurance.

If you don’t have a mortgage or your home is in a low- or moderate-risk flood zone, you can still purchase flood insurance on an optional basis, as long as your community participates in the NFIP. Most communities do.

Along with providing flood insurance, the NFIP works with communities to develop land-use policies and building codes that reduce flood risks.

If you are wondering why you should consider flood insurance if your lender does not require it, here are three statistics that FEMA frequently cites to answer this very question:

  • One inch of flood water can cause up to $25,000 in damage to a home.
  • The average cost of a flood insurance claim is approximately $30,000.
  • More than 25% of NFIP flood insurance claims come from outside high-risk flood zones.

How does my flood zone impact my flood insurance rates?

Homes located in Special Flood Hazard Areas (SFHAs) have the highest flood insurance rates, while those in moderate- and low-risk zones usually qualify for considerably lower rates.

FEMA’s flood zone maps, which you can find in the Map Service Center on the agency’s website, have several different codes. Any zone beginning with the letter A or V, such as AE or V1, is an SFHA. Zones beginning with the letters B, C or X are low- and moderate-risk areas.

Our analysis shows that NFIP flood insurance for homes in low- and moderate-risk areas is 45% less than it is for homes in SFHAs.

Flood insurance costs by zone
Flood zones Annual flood insurance rate
All A and V zones (SFHAs) $970
Moderate to low flood hazard areas $537
Source: FEMA

How much does flood insurance cost in Zone AE?

If you live in flood zone AE, the average cost of flood insurance is $971 as of March 2022, according to FEMA. If you live in a Special Hazard Area, such as zones AE or VE, and have a federally backed mortgage, you are required by the NFIP to have flood insurance. These areas are also known as 100-year floodplains, which means that the area has a 1% or greater chance of flooding every year. If you think that your zone is mapped incorrectly, you can file a letter of amendment requesting FEMA to review your zone.

Flood risks by state

Floods are one of the most common types of natural disasters in the country, according to FEMA. Louisiana, Texas and Florida see the highest number of claims through the NFIP. Even if you don't live in an area prone to flooding, you should still consider flood coverage.

State Total flood insurance claims
Alabama 40,654
Alaska 628
Arizona 4,422
Arkansas 8,367
California 44,553
Colorado 4,784
Connecticut 26,299
Delaware 5,652
District of Columbia 405
Florida 285,068
Georgia 21,207
Hawaii 4,843
Idaho 999
Illinois 47,762
Indiana 17,400
Iowa 12,068
Kansas 6,795
Kentucky 21,694
Louisiana 451,363
Maine 3,640
Maryland 22,463
Massachusetts 31,408
Michigan 13,285
Minnesota 10,630
Mississippi 57,822
Missouri 40,725
Montana 1,947
Nebraska 5,460
Nevada 1,366
New Hampshire 3,431
New Jersey 184,333
New Mexico 1,270
New York 161,824
North Carolina 95,882
North Dakota 11,486
Ohio 23,345
Oklahoma 11,049
Oregon 5,135
Pennsylvania 63,625
Rhode Island 5,339
South Carolina 43,791
South Dakota 3,581
Tennessee 14,537
Texas 358,062
Utah 1,001
Vermont 2,093
Virginia 45,431
Washington 13,757
West Virginia 22,549
Wisconsin 7,943
Wyoming 487
Sources: FEMA

Total flood insurance losses paid by the NFIP by state in 2022

In 2022, the total amount of payments of all flood claims amounted to over $150 million. That's a lot of coverage compared to how affordable flood insurance can be in high-risk areas. Here's how much money NFIP flood insurance policies have paid out by state in 2022 as of March.

State Payment amounts
Alabama $12,408,647
Alaska $80,605
Arizona $83,642
Arkansas $4,373,119
California $5,557,478
Colorado -
Connecticut $110,461
Delaware $870,894
District of Columbia $9,545
Florida $8,977,886
Georgia $756,335
Hawaii $4,000,376
Idaho -
Illinois $162,365
Indiana $93,885
Iowa $10,628
Kansas $197,413
Kentucky $3,459,660
Louisiana $1,103,607
Maine $208,950
Maryland $7,681,623
Massachusetts $1,061,242
Michigan $148,173
Minnesota $478,883
Mississippi $545,506
Missouri $383,401
Montana $1,977,041
Nebraska $42,337
Nevada $23,182
New Hampshire $130,822
New Jersey $3,594,273
New Mexico $1,062
New York $3,519,901
North Carolina $3,890,510
North Dakota $123,912
Ohio $2,011,989
Oklahoma $4,875,513
Oregon $311,407
Pennsylvania $923,034
Rhode Island $50,966
South Carolina $147,309
South Dakota $2,210
Tennessee $508,433
Texas $8,864,269
Utah -
Vermont $9,491
Virginia $1,086,376
Washington $28,666,496
West Virginia $1,956,983
Wisconsin $149,264
Wyoming -
Sources: FEMA

How does private flood insurance work?

Where available, private flood insurance can often be purchased as either an alternative to NFIP flood insurance or as enhanced coverage to add to an NFIP policy. 

Here are a few potential advantages of private flood insurance over an NFIP policy:

  • You can sometimes get a better rate from a private flood insurance policy than you can on one issued through the NFIP.
  • Some private flood insurance providers offer higher coverage limits than the NFIP, which can prove valuable if the replacement cost value of your home is more than $250,000 or your personal items are worth more than $100,000.
  • Some private flood insurance companies often offer loss of use coverage, which pays for temporary living expenses while your home is being repaired. NFIP flood insurance does not include loss of use.

How to save on flood insurance

Flood insurance can be an expensive investment, but there are several ways to lower your flood insurance premiums.

  • Increase deductible. Picking a high deductible will lead to lower premiums, but if you make a flood claim you will need to make sure you have the deductible amount ready.
  • Get an Elevation Certificate. An Elevation Certificate provides information of your home's flood zone, the area surrounding your home, the elevation of its lowest floor, and its building characteristics. Getting a certificate can lower your premium.
  • Install flood openings. Installing flood openings on the walls of the lowest level of your home such as your basement, can lower your flood insurance premium.
  • Fill in your basement. You can save on your premium if you fill in your basement with material such as gravel.
  • Elevate your home. Elevating your home can decrease damages if your area floods and it can significantly lower your premium.

Frequently asked questions about the cost of flood insurance

How much does flood insurance cost?

The average cost of flood insurance through the federally backed National Flood Insurance Program is $771 a year, or $64 a month.

What is replacement cost value in flood insurance?

Replacement cost value in flood insurance is the estimated price of repairing or rebuilding your home to like-new conditions. Replacement cost reflects the price of building materials and labor. It’s usually lower than your home’s market value, which includes your land, but more than actual cash value, which factors in depreciation.

Methodology

We sourced our data from FEMA and the U.S. Census Bureau. The average costs of NFIP flood insurance are based on policies in force as of March 31, 2022. We obtained demographic data from the Census Bureau to calculate the percentage of homes with flood insurance in each state.

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