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

Because flood insurance isn’t covered by homeowners and renters insurance, you need a separate policy to get coverage. Your insurance provider will determine your rate using a mix of location and individual property risks, such as the home’s elevation, physical structure and rebuilding costs.

Wisconsin has many flood-prone areas, so it’s important to find out if your house is in one by checking a local flood map. MoneyGeek also strongly recommends purchasing flood insurance to get financially protected in case of flooding. Even one inch of water can cost up to $25,000 in damages to a home, according to the Federal Emergency Management Agency (FEMA).

TABLE OF CONTENTS

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

In Wisconsin, the average cost of flood insurance is $1,055 per year. That said, your rate may vary depending on your proximity to a flood zone and individual property risks. Note that you may face higher rates if you’re living within a moderate- or high-risk flood zone.

The average cost of flood insurance in Wisconsin is $288 more expensive than the national average. This is likely because the state has more flood-prone areas compared to others.

MoneyGeek’s analysis found that flood insurance is the cheapest in Florence County, at approximately $642 per year. Meanwhile, coverage is the most expensive in Taylor County, averaging $1,917 per year. Browse through the average rates in other Wisconsin counties below.

Flood insurance in Wisconsin may be purchased from the NFIP or a private insurer. Private companies typically offer a base policy (similar to NFIP policies) or an excess policy (which supplements a base policy). This option may be ideal if you live outside an NFIP community or find NFIP coverage insufficient.

The NFIP also has partner companies in Wisconsin that offer flood insurance. For your convenience, we provided a list of NFIP-participating insurers that provide service in the state.

Purchasing flood insurance is usually easy. You just need to call the NFIP hotline at 877-336-2627 or get in touch with your home insurance agent.

It’s recommended to buy flood coverage at your earliest convenience due to waiting periods. The NFIP has a 30-day waiting period, while private insurance companies in Wisconsin require 10 days or more. Contact your provider to be sure.

A standard flood insurance policy can financially protect you against damages to your home structure and belongings. Keep in mind that one inch of water can cost you $25,000 in flood damage.

Flood insurance only protects building structures and personal belongings. It doesn’t extend coverage for vehicle flooding, swimming pools, patios, decks, landscaping, documents, cash or basement items.

Building coverage is one part of your flood insurance policy. This covers the cost to repair or replace your home structure, including:

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

NFIP policyholders can purchase up to $250,000 in building coverage.

Another part of flood insurance is contents coverage, which covers personal items such as:

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

Keep in mind that the NFIP caps its contents coverage limit at $100,000.

Insurance providers used to determine flood insurance costs based on location. FEMA has interactive maps on its website that show the historical flood risk of each state’s counties.

Of the Wisconsin counties for which MoneyGeek has cost data, Washburn County has had the fewest flooding events (five) since 1996. On the other hand, Dane County has had the most (103). Interestingly, policyholders in these two counties pay approximately $868 per year and $786 per year for flood insurance, respectively. It’s worth noting that rates may be lower in Dane County despite having more flooding events because it’s a very large county where floods are spread out over a significant area.

In October 2021, FEMA implemented a new methodology for calculating flood insurance rates. Risk Rating 2.0 considers individual property risks like foundation type, dwelling structure, elevation, replacement and repair costs, flood frequency and distance to bodies of water.

Because it doesn’t only depend on a broader flood map, Risk Rating 2.0 promises to provide fairer premiums. However, your location will still significantly affect your flood insurance costs. MoneyGeek further explains some flood insurance factors in the list below.

Purchasing flood insurance may be a wise investment because every property can be vulnerable to flooding. It’s required for individuals with mortgages living in high- or moderate-risk flood zones and encouraged even for those in low-risk flood zones.

Homeowners and renters insurance don’t cover flood insurance. To get flood coverage, you need to purchase a separate policy from the NFIP or a private company. Flood insurance also has other advantages, including having claims paid even without a presidential disaster declaration and providing more compensation than federal disaster assistance grants (which are usually capped at $5,000 per household).

Overall, flood insurance policyholders can have peace of mind knowing their homes are financially protected in the event of flooding.

Buying flood insurance isn’t as daunting as you think. Learn more about the process by reading MoneyGeek’s answers to frequently asked questions about flood insurance in Wisconsin.