Having a homeowners or renters insurance policy may not be enough to protect your property from all types of flooding. Flood damage is a common peril not automatically covered in your standard policy. The cost of flood insurance is determined by your location and individual property risk, including the age and structure of your building and coverage types.
Having multiple high-risk flood zones, flood insurance cost in Indiana is significantly higher than average. According to the Federal Emergency Management Agency (FEMA), flood damages can easily cost more than $25,000 per inch of water. Purchasing flood insurance is highly recommended.
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Indiana has multiple high-risk flood zones, emphasizing the importance of getting flood insurance.
Gibson Country has had the most flood events in Indiana since 1996.
Cook County is the least expensive area in Indiana to get flood insurance, while Henderson County is the most expensive.
Average Cost of Flood Insurance in Indiana
The average cost of flood insurance in Indiana is $1,142 per year. The cost of insurance varies according to individual property risks and your proximity to a flood zone. Residents living in or near flood-prone areas can expect to pay higher premiums than those who live in lower-risk areas.
Average Cost of Flood Insurance by County in Indiana
Given the state’s geographic location, Indiana is susceptible to severe flooding. Flood insurance costs in Indiana are approximately $375 more expensive than the national average.
MoneyGeek found that those living in Henderson County tend to pay the highest monthly premiums at around $4,856 per year. Cook County pays the cheapest rates at around $338 per year. The table below shows how much flood insurance costs in Indiana by county.
Indiana Flood Insurance Cost per County
Companies That Offer Flood Insurance in Indiana
Indiana residents can get flood insurance from the NFIP or private insurance companies. The NFIP offers a base policy, whereas private insurers offer a base policy as well as an excess policy. This is supplemental coverage for a base policy.
You may opt for private insurance if you need more coverage than what an NFIP policy offers or if you are located outside an NFIP community.
Private Flood Insurance Providers in IN and Their Contact Numbers
Aon Private Flood
Hiscox - FloodPlus
FloodSimple Insurance Services
The NFIP also has partner insurance companies in Indiana that offer flood insurance. In the table below, MoneyGeek listed all the NFIP-participating insurance providers and their respective contact numbers.
NFIP-Participating Flood Insurance Providers in State and Their Contact Numbers
Allstate Insurance Company
American Commerce Ins. Co.
American Family Mutual Ins. Co
American Nat. Prop. & Casualty
Auto Owners Insurance Co.
Refer to the Agent locator
Everett Cash Mutual Ins. Co.
Farmers Insurance Group
How to Purchase Flood Insurance and Its Coverage Requirements
Purchasing flood insurance in Indiana is simple. There are no special requirements. Call the NFIP Hotline (877-336-2627) or your home insurance agent to get started.
Flood insurance can be purchased from the NFIP, your home insurance provider or another insurer. Plan ahead since there is a 30-day waiting period for NFIP and a 10-day waiting period for private insurers before coverage starts. However, you should verify this with your provider.
What Does Flood Insurance Cover in Indiana?
Flood insurance in Indiana covers a building structure and its contents. Even an inch of water entering your home can cause around $25,000 worth of damage.
“Flood” refers to water damage that results from a natural phenomenon or weather event. It does not include damage caused by broken pipes, leaking appliances and other unnatural events.
Basic flood insurance does not cover damages to swimming pools, decks, patios, landscaping, cash and paperwork, vehicles and basement items.
Flood Insurance Building Coverage
The physical structure of your home is protected by your building coverage as long as damage resulted from a covered peril. It covers the following:
- Foundation walls
- Electrical systems
- Plumbing systems
- Furnaces, central heating and air conditioning
- Built-in appliances
- Permanent carpets
- Built-in furniture
You can purchase up to $250,000 worth of coverage through the NFIP.
Flood Insurance Contents Coverage
Your personal belongings are protected against damages from a covered peril. Your contents coverage includes damages to:
- Electronic equipment
- Washers and dryers
You can purchase up to $100,000 worth of content coverage.
Factors That Affect Flood Insurance Costs in Indiana
Flood insurance costs were only previously calculated based on your general location. FEMA has an interactive map that shows the flood risk of U.S. counties by state.
According to FEMA’s Indiana data on flooding events since 1996, Gibson Country has had the most (209). By contrast, Pulaski, Starke and LaGrange counties have had the least flooding (six).
The average annual cost of flood insurance in Gibson county is $974, whereas the average cost of policies for Pulaski, Starke and LaGrange counties are $892, $841 and $948, respectively. Gibson is not the most expensive county, illustrating how county size impacts rates.
Risk Rating 2.0
In October 2021, FEMA introduced Risk Rating 2.0 in Indiana, which evaluates individual property risks. In addition to flood zone mapping, it also looks at foundation type, dwelling structure, elevation, replacement and repair costs, frequency of flooding and other factors.
That said, it still calculates the cost by mainly looking at where you live geographically. MoneyGeek breaks down all the factors that affect flood insurance costs below.
Flood insurance in Indiana tends to be more expensive because it has many flood-prone areas. However, Risk Rating 2.0 also looks at individual risk factors. This means that even your neighbor who has a different individual property risk will have a different flood insurance cost than yours.
Comprehensive coverage is more expensive than limited coverage. Indiana counties with high average coverage pay more expensive premiums.
To lower your monthly premiums, you may choose to pay a higher deductible. Deductibles usually range between $1,000 and $10,000.
Age of Structure
Older structures are more prone to flood damage. Therefore, insurance companies charge higher rates for these kinds of properties.
Some structure designs are able to better manage flood damages by being highly durable and weather resilient.
Do You Need Flood Insurance in Indiana?
Even if you don’t live in a flood-prone area, FEMA recommends getting flood insurance since every property can be at risk for flood damage.
Since standard homeowners or renters insurance does not automatically cover flood damages, purchasing separate flood insurance will provide an extra layer of protection and peace of mind.
Private flood insurance will pay claims even if there isn’t a presidential disaster declaration. However, a typical federal disaster assistance grant is capped at $5,000 per household. Flood damage costs easily surpass this amount.
Frequently Asked Questions About Indiana Flood Insurance
MoneyGeek answered frequently asked questions to help you understand more about Indiana flood insurance.
About Mark Fitzpatrick
- FEMA. "Indiana Risk Rating 2.0.." Accessed August 21, 2022.
- Indiana University. "Flooding in Indiana: Not “IF”, But “When.." Accessed August 20, 2022.
- Indiana Gov. "Indiana Flood Insurance." Accessed August 21, 2022.
- Risk Factor. "Does Indiana Have Risk?." Accessed August 21, 2022.