How Much Is Flood Insurance in Iowa? Average Flood Insurance Cost and Coverage

According to the Federal Emergency Management Agency (FEMA), one inch of flooding can cost you $25,000 in damages. Unfortunately, flood insurance is not covered by your homeowners or renters insurance.

Flood insurance premiums are affected by your location and certain property risks, such as foundation type and ground elevation. Most counties in Iowa have had a high number of flooding events over the years.

Consider checking your county to evaluate its flood risk. If you live in a moderate or high-risk flood zone, it’s best to purchase flood insurance to protect yourself financially from the cost of damages.

TABLE OF CONTENTS

• Cost of Flood Insurance in Iowa
• Flood Insurance Companies in Iowa
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Iowa
• Do You Need Flood Insurance?
• Iowa Flood Insurance FAQs

On average, the annual cost of flood insurance in Iowa is $1,199. Flood risks and property risks contribute to the cost of flood insurance in the state.

Most flood-prone areas may have more expensive flood insurance than those that don’t regularly experience floods. Therefore, prices may vary based on the state and county you live in.

Compared to the national average, flood insurance is more expensive in Iowa. This difference in cost may be attributed to the high number of flood-prone areas in Iowa.

Taylor County has the cheapest rate in the state at approximately $312 per year. On the other hand, Kossuth County has the most expensive rate at around $3,115 per year.

The table below shows the average cost of flood insurance in every county in Iowa.

Flood insurance is available from NFIP and private companies. With private companies, you can get a base policy or an excess policy. Private companies are great for non-NFIP communities or when NFIP coverage is not enough.

An excess policy serves as additional coverage on top of your base policy, which is similar to NFIP coverage.

NFIP has partnered with several insurance companies to provide more affordable flood insurance policies. The partnership between these companies and NFIP helps make flood insurance more accessible. NFIP’s partner companies in Iowa are listed in the table below.

There are no specific requirements for buying flood insurance, making the process simple. You can get a policy by contacting your home insurance agent, the NFIP Hotline (877-336-2627) or other providers.

NFIP has a 30-day waiting period and private companies can have a 10-day waiting period. It’s best to contact your provider for details and purchase a flood insurance policy as soon as possible.

Flood insurance protects the structure of your home and your personal property. These coverages are important because even an inch of water can cost you $25,000 in damages.

Swimming pools, decks, patios, landscaping, cash and documents, items in your basement and vehicles are not covered by flood insurance.

Repairs and replacement of the physical structure of your home are paid for by the building coverage aspect of flood insurance if you have a covered event. An NFIP policy can cover your structure for up to $250,000.

The following are physical structures that are usually covered by your flood insurance:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

Contents coverage pays for the repair or replacement of your personal belongings as long as they were lost through a covered peril. If you have flood insurance from NFIP, your contents coverage can reach up to $100,000.

These items are often included in your flood insurance policy through contents coverage:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

Before October 2021, the sole factor that determined the cost of flood insurance was your general location.

The FEMA website can show you the historical flood risk of Iowa. Based on FEMA’s data, Polk County has the most flooding events (186), and flood insurance costs $1,248 per year on average in this area. Shelby County has the fewest events (eight) and has flood insurance premiums of around $1,559 per year.

While Polk County has the most flooding events, it’s not the most expensive location in Iowa due to its size allowing the flood to be spread across a wider area.

Risk Rating 2.0 is a system that sets affordable premiums for flood insurance. Instead of basing your premiums on the flood map, it considers the following individual property risks:

• Foundation type
• Dwelling structure
• Elevation
• Replacement and repair costs
• Frequency of flooding
• Proximity to bodies of water

Your location can still be a primary influence on the cost of your flood insurance in Iowa. Below are factors that affect your premium.

Every property can be damaged by flooding, so flood insurance can be a wise investment. FEMA recommends it as additional protection for those who live in low-risk or moderate-risk flood zones. Moreover, it’s required by government-backed mortgages and lenders for those who live in high-risk flood zones.

Homeowners insurance and renters insurance don’t include flood coverage. Federal disaster assistance only gives each household a maximum of $5,000 in loans and grants. Flood insurance covers a significantly larger amount without a presidential disaster declaration. On top of that, it can give you peace of mind.

It’s important to find the best flood insurance in Iowa that’s within your budget. To help you with your research, MoneyGeek answered commonly asked questions about flood insurance costs in Iowa.