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

The cost of flood insurance in Nevada varies by county and property risk factors, including the home structure, elevation, and cost of replacement and repairs. Flood damage is typically not covered by renters or homeowners insurance policies. Using a flood map, you can determine the likelihood of flooding in your area.

Even if your region poses little risk, flood insurance can prevent you from paying astronomically high costs in the event of unexpected damages from a flood. The Federal Emergency Management Agency (FEMA) reports that just one inch of water can cause damages of up to $25,000.

TABLE OF CONTENTS

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

Nevada has an average annual cost of $799 per year for flood insurance, but every home is priced differently. Depending on the home's unique risks and its proximity to a flood zone, the flood insurance cost may vary greatly. Consequently, residents of locations with a moderate to high risk of flooding will pay higher premiums.

On average, Nevadans pay around $32 more per year for flood insurance than the average American. That might be because the state has more low-lying regions that could flood.

MoneyGeek found that Nye County's average cost of $468 per year is the cheapest in Nevada, while Lander County is the highest at around $1,421. Below is a breakdown of the annual premium for flood insurance by county in Nevada.

Residents of Nevada can purchase flood insurance via the National Flood Insurance Program (NFIP) or private insurance companies. Either a base policy (the same as NFIP coverage) or an excess policy (supplemental coverage) can be obtained from private insurers. If a household is not properly protected by NFIP’s coverage or is outside an NFIP community, a private provider may be the best solution.

There are insurance companies that work with the NFIP to provide flood insurance in Nevada. All of the insurance companies in Nevada that are partnered with the National Flood Insurance Program and their contact information is in the table below.

With no requirements for flood insurance, it is easy to acquire. You can begin the process by contacting the NFIP toll-free helpline (877-336-2627), your insurance agent or a private insurance provider.

Since the National Flood Insurance Program has a 30-day waiting period, it’s best to get flood insurance as soon as you can. And most private insurers have a 10-day average wait before policies take effect. Contact your insurance provider to confirm.

A home may sustain property damage of as much as $25,000 from only one inch of floodwater. With flood insurance, you can rebuild or restore the structure and get reimbursement for damaged personal belongings.

Only structural damage to a house or personal property is covered by a flood insurance policy. Flood-related damage to vehicles, cash and documents, pools, decks and patios, landscaping and basement contents are not covered. You should add comprehensive insurance to your auto policy as protection from flooding for a car.

Flood insurance building coverage pays to fix or replace your home's structure if it's damaged by a covered disaster. An NFIP policy can provide you with up to $250,000 worth of coverage.

Here are some of the things that flood insurance covers:

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

Your flood insurance contents coverage is for the repair or replacement of your personal property that is damaged or lost in a flood. The NFIP coverage maximum for contents is $100,000.

Listed below are some of the personal items often covered by flood insurance:

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

Before October 2021, a home's location on a flood map determined how much flood insurance would cost. An interactive map via FEMA shows Nevada’s historical flood risk as well as the average costs associated with flooding.

Pershing County has had the fewest floods (three) of the Nevada counties since 1996, and the annual premium costs around $493. In contrast, Clark County has had the highest number of floods (164) and costs, on average, $801 a year for flood insurance.

Clark County has the highest history of flooding but not the highest premium. That may be due to floods being spread over a larger region.

FEMA's risk rating methodology (Risk Rating 2.0), launched in October 2021, assesses particular property risks, such as:

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

Through Risk Rating 2.0, you can expect fair flood insurance rates in Nevada. Nonetheless, your location affects your flood insurance costs substantially. MoneyGeek covers a few factors affecting flood insurance costs in Nevada below.

Most renters and homeowners insurance policies do not cover flooding. Flooding may happen anywhere, so purchasing flood insurance is wise, even for people living in low- or moderate-risk zones. However, those in high-risk zones with a government-backed mortgage must get flood insurance.

NFIP or private flood insurance has its advantages. Even if the president doesn't declare a disaster, your insurer will cover your home’s flood damage to policy limits. The typical household maximum for federal disaster help is $5,000. Generally, the costs associated with flood damage exceed that limit.

Flood insurance, as a whole, offers people financial protection and peace of mind.

It's natural if the idea of flood insurance seems unfamiliar. MoneyGeek answers the frequently asked questions pertaining to flood insurance in Nevada to help you.