Homeowners and renters insurance usually doesn’t protect against flood damage, making purchasing a flood insurance policy significantly necessary. Based on the Federal Emergency Management Agency’s (FEMA) Risk Rating 2.0 system, the cost of flood insurance is determined by your location and various factors like dwelling structure, elevation, replacement and repair costs.
Since New York has multiple high-risk flood zones, you should check a local flood map and consider getting a policy if your home is in a moderate-risk or high-risk zone. You should know that even an inch of water can cause damage costing up to $25,000, according to FEMA.
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On average, flood insurance costs $1,250 per year in New York.
There are two ways of purchasing a flood policy: through the NFIP or a private insurance company.
Your location, coverage, deductible, home’s dwelling structure, elevation and other factors affect the premium.
Average Cost of Flood Insurance in New York
The average flood insurance policy cost in New York is $1,250 per year. However, you might pay a different price based on your county. An insurer analyzes the state’s flood-prone areas and individual property risks to determine the flood insurance policy cost. Individuals living in a moderate or high-risk flood zone will pay more for a policy.
Average Cost of Flood Insurance by County in New York
Since there may be many flood-prone areas in New York, a policy in the state costs more than the national average. With an average cost of $651 per year, San Juan Municipio is the cheapest county for flood insurance in New York. In contrast, the most expensive is Fairfield County, with an average cost of $2,944 annually.
In the table below, MoneyGeek listed the average cost of flood insurance by county in New York.
New York Flood Insurance Cost Per County
Companies That Offer Flood Insurance in New York
While you can get flood insurance from the NFIP, purchasing a policy from a private insurer is also an option. A private insurance company may offer you base coverage, similar to an NFIP policy, or an excess policy that includes supplemental coverage.
Buying insurance from a private provider is the best option for households not in an NFIP community or that find its coverage insufficient.
Private Flood Insurance Providers in NY and Their Contact Numbers
Aon Private Flood
Hiscox - FloodPlus
FloodSimple Insurance Services
The NFIP has also partnered with private insurance companies to offer flood insurance. See the table below for a list of these companies.
NFIP-Participating Flood Insurance Providers in State and Their Contact Numbers
Allstate Insurance Company
American Nat. Prop. & Casualty
American Strategic Ins. Corp.
Farm Family Casualty
Farmers Insurance Group
Hartford Fire Insurance Co.
Hartford Underwriters Ins. Co.
How to Purchase Flood Insurance and Its Coverage Requirements
Purchasing flood insurance in New York is pretty straightforward, and there are no special requirements. If you want a policy, you need to call your home insurance provider or the NFIP hotline at 877-336-2627. You can also purchase a policy from a provider besides your home insurance agent.
The NFIP has a 30-day waiting period, while private insurers can have a 10-day waiting period, which makes it essential to get flood insurance as soon as possible. You can confirm the period with your provider.
What Does Flood Insurance Cover in New York?
It’s important to know that even an inch of water can cause damages as high as $25,000. A flood insurance policy ensures coverage against damage to building structures and contents.
Understand that “flood” mentioned in a flood insurance policy refers to the damage caused by a natural weather event. A flood insurance policy in New York doesn’t cover water damage from broken pipes, leaking appliances or the roof, or other causes.
A flood insurance policy doesn’t provide you protection against damage to a swimming pool, decks, patios, landscaping, cash and paperwork, basement items and vehicles. If you want coverage against vehicle damage because of a flood, you should get comprehensive insurance.
Flood Insurance Building Coverage
Building coverage helps you repair or rebuild your home in case of damage to its physical structure by a covered peril. You can purchase up to $250,000 worth of building coverage through the NFIP as part of a flood insurance policy to cover the following:
- Foundation walls
- Electrical systems
- Plumbing systems
- Furnaces, central heating and air conditioning
- Built-in appliances
- Permanent carpets
- Built-in furniture
Flood Insurance Contents Coverage
If a flood damages your personal belongings, contents coverage can help you pay for their replacement or repair. You can purchase up to $100,000 worth of flood contents coverage through the NFIP to cover the following:
- Electronic equipment
- Washers and dryers
Factors That Affect Flood Insurance Costs in New York
Before October 2021, your general location and whether you were in a flood zone or not had a significant impact on a flood insurance policy cost. Using FEMA’s online tool can help you determine the historical flood risk in New York.
In New York, Nassau County has had the most flood events. The average cost of flood insurance in this county is $1,280 per year. On the other hand, Seneca County has had the fewest floods. On average, a policy in this county costs $1,028 per year.
Risk Rating 2.0
In October 2021, FEMA put forward its Risk Rating 2.0 system, which does not solely rely on a broader flood map and considers individual factors to calculate a premium. The system analyzes individual property risks like foundation type, dwelling structure, elevation, replacement and repair costs, and more to determine a flood insurance policy premium.
However, your location still significantly impacts your flood policy costs in New York. See the list below for other factors that influence flood insurance costs.
Since Risk Rating 2.0 measures flood risk individually, your neighbor may not have the same risk as you. If you live in an area with a moderate or high flood risk, expect to pay a higher premium for a policy.
You pay for flood insurance based on your coverage amount and what you can get depends on your New York county.
Choosing a policy with a higher deductible lowers your monthly payment. With a claim, you do pay whatever deductible amount you choose.
Age of Structure
An insurer will charge more to insure an older structure than to insure a newer property.
Your structure design and the materials used can affect your flood insurance costs.
Do You Need Flood Insurance in New York?
A flood insurance policy offers peace of mind and is a good investment since every property is vulnerable to flooding. If your home is in a high-risk flood zone in New York, government-backed mortgages and lenders will require a policy. A flood insurance policy can offer an extra layer of protection, even if you don't live in a high-risk area.
You should know that homeowners or renters insurance often does not cover flood damage. Flood coverage may only be available through a policy from NFIP or a private insurer.
It helps to know that a flood insurance policy will pay your claim without a presidential disaster declaration and will offer more compensation than federal disaster assistance, which won't be more than $5,000.
Frequently Asked Questions About New York Flood Insurance
MoneyGeek answered frequently asked questions about flood insurance in New York to help you understand its cost, available options and other important details.
About Mark Fitzpatrick
- FEMA. "Flood Insurance." Accessed August 20, 2022.
- FEMA. "Historical Flood Risk and Costs." Accessed July 20, 2022.