Location and individual property risks affect the cost of flood insurance. Property risks include your proximity to flooding sources, the height of your first floor, construction type and more.
While there are not many high-risk flood zones in Florida, it’s still best to purchase flood insurance. Homeowners or renters insurance usually does not cover damages on your property that are caused by floods.
No matter where you live, properties are not always safe from flooding. Even an inch of water can cause damages that will cost you up to $25,000, according to the Federal Emergency Management Agency (FEMA).
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Since there are only a few flood-prone areas in the state, the average cost of flood insurance in Florida is cheaper than the national average.
Flood insurance prices in Florida can range from $261 per year to $7,303 per year.
Gilchrist County has the fewest floods, while Duval County and Hillsborough County have had the most since 1996.
Average Cost of Flood Insurance in Florida
The average cost of flood insurance in Florida is $628 per year. This cost is based on the number of flood-prone areas in the state and individual property risks. Premiums may vary depending on your state and country, but they are usually more expensive in moderate-risk or high-risk flood zones.
Average Cost of Flood Insurance by County in Florida
Flood insurance in Florida is cheaper than the national average because of the smaller number of flood-prone areas in this state.
Among the counties in Florida, Ponce Municipio has the cheapest average cost ($261 per year). The county with the most expensive average cost is New York County ($7,303 per year). The list below shows the average cost of flood insurance by county in Florida.
Florida Flood Insurance Cost per County
Companies That Offer Flood Insurance in Florida
The NFIP and private insurance companies provide flood insurance. If you think NFIP coverage is inadequate or if you don’t live in an NFIP community, private insurance companies may be the best option for you.
Private insurance companies offer base policies and excess policies. A base policy is similar to an NFIP policy. If a base policy isn’t enough, you can get an excess policy for additional coverage.
Private Flood Insurance Providers in FL and Their Contact Numbers
Aon Private Flood
Hiscox - FloodPlus
FloodSimple Insurance Services
Zurich Insurance Group
Private Market Flood
The NFIP has partnered with private insurance companies providing flood insurance coverage. MoneyGeek’s list below outlines NFIP partner insurance companies in Florida.
NFIP-Participating Flood Insurance Providers in State and Their Contact Numbers
Allstate Insurance Company
American Commerce Ins. Co.
American Strategic Ins. Corp.
American Traditions Ins. Company
Auto Club South Insurance Co.
Auto Owners Insurance Co.
Refer to the Agent locator
Avatar Property and Casualty Insurance Company
Bankers Insurance Group, DBA: First Community Insurance Company
Centauri Specialty Ins. Company
Farmers Insurance Group
FedNat Insurance Company
First Protective Ins. Company / Frontline
Florida Family Insurance Co.
Hartford Fire Insurance Co.
Hartford Underwriters Ins. Co.
Homesite Insurance Company
Liberty Mutual Fire Insurance Company
National General Insurance Co
NFIP Direct Servicing Agent
NGM Insurance Company
Occidental Fire & Casualty
Pacific Specialty Insurance Company
Philadelphia Indemnity Ins. Co
(877) 672-7945 ext. 8295
QBE Insurance Corporation
SafePoint Insurance Company
Selective Ins. Co. Of America
Southern Farm Bureau Casualty Insurance Company
Southern Fidelity Ins. Company
United Property & Cas. Ins. Co
USAA General Indemnity Company
(210) 531-USAA (8722)
Westfield Insurance Company
Wright National Flood Ins. Co.
How to Purchase Flood Insurance and Its Coverage Requirements
There are no special requirements for flood insurance, making the process of buying a policy easy. You can call your home insurance agent or the NFIP Hotline (877-336-2627). You may also explore other flood insurance companies.
The NFIP has a 30-day waiting period and private insurance companies in Florida have a 10-day waiting period. It’s best to get your policy as soon as possible and ask about waiting periods.
What Does Flood Insurance Cover in Florida?
Flood insurance protects the structure of your home as well as your personal property. Remember that one inch of water can lead to damages that may cost up to $25,000.
Flood insurance excludes water damage caused by leaking appliances, pipes or any other man-made causes. It only covers water damage caused by the weather or any natural events.
Not all damages can be covered by flood insurance. Swimming pools, decks, patios, landscaping, cash and paperwork, your personal belongings in the basement and flooded vehicles are not covered.
Flood Insurance Building Coverage
Building coverage takes care of your expenses for repairing or replacing certain structures when they are damaged by a covered peril. If you have flood insurance from the NFIP, you can be protected for up to $250,000.
The following are examples of buildings that flood insurance may cover:
- Furnaces, central heating and air conditioning
- Built-in furniture
- Permanent carpets
- Walls built for the foundation
- Electrical and plumbing systems
Flood Insurance Contents Coverage
Contents coverage can financially help you repair or replace personal property that has been damaged by a covered risk. Your personal property is insured for up to $100,000 under an NFIP policy.
Flood insurance can provide coverage for these personal belongings:
- Pieces of furniture
- Electronics or gadgets
- Washing machines and dryers
Factors That Affect Flood Insurance Costs in Florida
Before October 2021, flood insurance costs depended on if the flood map presented your area as a flood zone. You can check the historical flood risk of your county or state on FEMA’s website.
Gilchrist County had the fewest number of floods since 1996, with only seven. The average cost of flood insurance in this county is $799 annually. Duval County and Hillsborough County had 109 floods (the highest in the state), with annual average costs of $549 and $868, respectively. While these aren’t the most expensive premiums in the state, county size may factor into their lower costs.
Risk Rating 2.0
In October 2021, FEMA introduced a rating system that considers individual property risks rather than location alone. This system, called Risk Rating 2.0, provides more affordable flood insurance.
The following are individual property risks, according to FEMA:
- Replacement and repair costs
- How near you live to bodies of water
- Dwelling structure
Still, location primarily influences your premium. The table below shows the factors that affect the cost of flood insurance.
Risk Rating 2.0 gives neighbors different rates for their premiums since flood risk is now an individual factor. However, rates are still higher in areas with a high or moderate risk of flooding.
Your coverage amount directly influences the cost of your flood insurance in Florida. More coverage results in more expensive premiums, although rates may vary depending on your state or county.
The cost of your flood insurance can be reduced by having a higher deductible. Deductibles, or the amount you need to pay during a claim, can be $1,000 to $10,000.
Age of Structure
Insuring older structures can increase the price of your flood insurance because of how easily they can be damaged. You can have a cheaper policy if you have a newer home.
Certain layouts and materials can last longer than others. It might not seem important when talking about insurance, but the design of your home and the materials you used can affect flood insurance rates.
Do You Need Flood Insurance in Florida?
Flood insurance can be a good investment as it protects your property while giving you peace of mind. It provides more coverage than the $5,000 grant or loan given by federal disaster assistance for every household. Your policy covers claims made without the president’s disaster declaration. Moreover, your homeowners or renters insurance does not cover floods.
If you live in a high-risk flood zone, mortgages backed by the government require you to purchase flood insurance. FEMA also suggests that homeowners in low-risk or moderate-risk flood zones should purchase flood insurance as a precaution.
Frequently Asked Questions About Florida Flood Insurance
Knowing more information about flood insurance may help you estimate the cost of flood insurance. MoneyGeek answered the most-asked questions about flood insurance in Florida to help you find the best option for your needs.
About Mark Fitzpatrick