Cost of Flood Insurance

Premiums for flood insurance for a single-family home vary from as low as $75 to nearly $2,000 a year.

The cost depends on a number of factors, such as the value of the property, whether it’s in a minimal flood area or high-risk flood zone, when it was built and if it is built to minimize flood hazards.

A maximum $185,000 of building coverage is available for single family residences; $250,000 for multifamily residences and $60,000 for content coverage on all residential buildings.

The least expensive coverage is the NFIP’s Preferred Risk Policy that costs as little as $75 a year for homes in low-to-moderate flood risk zones.

To insure a $100,000 house (land value excluded) within a high risk flood zone can cost as low as $230 a year for a home that’s properly elevated. A $50,000 content coverage would cost an additional $103 a year.

That same house built below minimum federal flood standards, but built in good faith before the Flood Insurance Rate Maps (FIRMs) will have its rate capped at about $420 a year. However, if the homeowner can prove the house meets existing standards, the lower rates will apply.

If the same house was built with or without a variance, after publication of the FIRMs and below the flood hazard level, insurance will cost about $1,120 a year.

For more information, contact your local insurance agent, or call the NFIP at 800--638-6620.