Flood insurance is a type of property insurance that can cover your building and its contents if they are damaged or destroyed due to a flood caused by heavy rain, storm surges, blocked storm drainage systems, or levee dam failure. While not every homeowner needs flood insurance, it may be a smart investment to make regardless of where you live. According to The Federal Emergency Management Agency (FEMA), 25% of homeowners who have filed a flood damage claim do not even live in a flood zone.
Homeowners can get their policies through The National Flood Insurance Program (NFIP) or through private providers. The structure of NFIP policies is set by the government, which leaves little room for customization; however, thanks to private flood insurance providers, homeowners can get a customized policy with a premium that better reflects the risk of flooding specific to their property.
We researched and reviewed 16 flood insurance companies based on plan options, pricing, coverage, and customer experience. Here are the best eight companies for your different needs.
The 8 Best Flood Insurance Companies of 2021
- Best Overall: GEICO
- Best Commercial Flood Insurance: The Flood Insurance Agency
- Best Online Option: Assurant
- Best for Customer Service: FloodSimple Insurance Services
- Best for Veterans: USAA
- Best for Comprehensive Coverage: Neptune
- Best for Renters: MetLife
- Best Affordable Option: Better Flood Insurance
Best Overall : GEICO
With its impressive financial strength to support its claims, high customer satisfaction ratings, and online quoting and policy access tools, GEICO sits at the top of the heap as the best flood insurance company overall.
Online quote calculator
Claims can be filed through phone
Discounts if combined with auto and/or homeowners insurance
A mobile app where users can get a quote
Uses third-party companies to underwrite policies
A limited number of discounted offers
Cost depends on the exact partner company they cooperate with
Thanks to its solid financial strength and customer experience reputation, GEICO has topped other flood insurance companies as our overall best.
GEICO, was established during the Great Depression of 1936 to insure government employees and military personnel. In fact, its full name is Government Employees Insurance Company. Since 1996, it has been an indirect, wholly owned subsidiary of Berkshire Hathaway, Fortune magazine’s most-admired property and casualty insurance carrier. GEICO boasts an AM Best rating of A++ (Superior), an AA+ rating from Standard & Poor’s, and an Aa1 rating from Moody’s.
GEICO hires local agents to sell their services, ensuring that clients get the advantage of having local knowledge on their side. You can get an online quote to check the cost of your flood insurance, or call to speak to a live agent. To report a claim, you’ll call a live agent at your GEICO partner carrier’s company.
Writing policies nationwide, the typical cost for a single-family primary residence to have a coverage of $100,000 building flood insurance with $40,000 content insurance is $439 per year. Insuring only your home’s content from flood damage up to $100,000 would cost $346 per year. Policy costs will vary based on whether you are living in the home all year or only partially, whether you rent it out to others, or if you’re insuring a commercial property.
GEICO’s coverage will not include carpet and personal property that you keep in the basement. If your home is located above water, fully or partially, you won’t qualify for a policy at all from them. For example, if you have a home that sits on stilts or pilings over the water at the ocean, a river, or lake, it won’t qualify for GEICO’s flood insurance policy.
Best Commercial Flood Insurance : The Flood Insurance Agency
The Flood Insurance Agency’s (TFIA) transparency makes it best for commercial flood insurance. You can see what they do and do not cover, estimate your costs with a robust online calculator, and tailor your coverage beyond the NFIP’s limitations, getting equal or better coverage for less money.
Coverage nationwide except in Kentucky and New York
Online estimate calculator
More coverage than NFIP provides for less money
Rate-lock programs available
Not available for properties located in Coastal Barrier Resource Act (CBRA) areas, non-participating FEMA communities, mobile homes, or condominium units
Does not cover properties that have experienced more than one flood loss within the past five years, are designated by FEMA as a Severe Repetitive Loss property, or properties deemed in violation of state or local floodplain management regulations
With TFIA, you can insure your commercial building and contents against flood with an online calculator that promises as much protection, or often more, than the NFIP policy permits, for a lower price.
The Flood Insurance Agency is the program administrator for Lexington Insurance, a member of AIG. Since they opened in 2013, the company has written over $100 million in private flood insurance premiums. TFIA benefits from AIG’s financial security as well as its A+ S&P rating and A rating from AM Best.
The Flood Insurance Agency insures commercial buildings, residential investment properties like apartment buildings that investors and lenders consider “commercial,” and personal residences. Commercial property investors who own apartment buildings would find TFIA a great fit because they can tailor the coverage for the building itself, which lets renters carry the apartment contents coverage.
You can get a quote online or call the toll-free number for live help. Customers rate their experience with TFIA agents very highly.
Once you have a policy, you can pay your renewal, request an endorsement for your policy, and request a policy cancellation online. You can’t submit a claim online, but they do have a page dedicated to submitting a claim by phone and by email, plus other resources and clear, step-by-step guidance to get you through a difficult flood event. TFIA writes policies nationwide except in Kentucky and New York.
We quoted a large commercial building in a medium-sized city with an “A” flood zone rating, $5 million replacement cost of the building, $500,000 replacement cost for the contents, $10,000 deductible, and a one-year premium. The quote totaled $31,896 annually.
Factors that will affect your commercial flood insurance quote with TFIA are the building’s location, foundation type, the replacement cost of the building and contents, the amount of coverage and deductible you choose, and the type of premium you want: a one-year premium, a rate lock, or a multi-year pre-paid premium.
There are some scenarios that TFIA does not cover. If your building is in a Coastal Barrier Resource Act (CBRA) or non-participating FEMA community, your building won’t qualify. If the building has suffered more than one flood in the last five years or has been designated by FEMA as a Severe Repetitive Loss Property, TFIA will not be able to provide flood insurance.
Best Online Option : Assurant
Assurant takes online service to the next level with a streamlined way to file a claim online. You can also pay your renewal, view policy information, or choose an advance payment option. For these robust online services, we chose Assurant as our best flood insurance company for online services.
Over 200 years of experience
Online portal to file a claim
Underwrites for other admired flood insurance companies like GEICO
Choose online or telephone service
Higher number of customer complaints
Higher policy costs
Slow claim service response time
Every year, more consumers want to enjoy the convenience of online shopping and customer service, and insurance companies are no exception to this. Assurant keeps in mind these expectations and creates their services with an online approach, which is why we picked it as the best if you prefer a largely online experience.
Assurant Insurance is one of the more longstanding insurance companies. It opened its doors in 1892, starting with disability insurance and gradually expanding its services to include flood, homeowners, rental, casualty, and device protection insurance. The company has an A (Excellent) rating with AM Best.
Claims can be filed online or by phone. Assurant supplements its online services with local independent insurance agents if you prefer.
Assurant’s best tool is their online service that operates 24/7. While you can’t get an online quote through their website, there is a short contact form to have an agent call you. You can also get your questions answered through their useful guides and see head-to-head comparisons to help you make decisions. Once you have a policy, you can do more with Assurant online than with any other company, including filing claims, making payments, and adjusting your policy.
Assurant is one of the flood insurance providers for GEICO, so the rates are the same as we listed above. The typical cost of a $100,000 building flood insurance policy with $40,000 content insurance for a single-family home is $439 per year.
Assurant offers an innovative program called FlexCash. It’s an add-on for up to $10,000 in discretionary funds paid before a claim is processed, for things like travel and hotel expenses as a result of your displacement.
Best for Customer Service : FloodSimple Insurance Services
FloodSimple Insurance Services has the highest rating of any insurer on the internet. With an average of 4.8 stars out of 5 on Google Reviews, hundreds of testimonials, and conveniences like instant quote estimates online, it’s easy to see why FloodSimple is our flood insurance company with the best customer service.
Highest consumer ratings on the web
Instant quoting tool online
Policies in 41 states
The company’s stated purpose is to make buying flood insurance drastically easier
Nine states not eligible for policies
FloodSimple understands today’s consumer wants instant and knowledgeable service, with online tools and guides to quickly find answers 24/7. This insurer delivers on that very well with instant quotes and an instant flood zone lookup for your property. Consumers have responded with the highest online ratings making it the best choice for customer service.
Headquartered in Denver, Colorado, since 2013 and backed by Lloyd’s of London, FloodSimple Insurance Services combines highly rated customer service with financial strength. They offer flood insurance for commercial buildings, and residential flood insurance for owner-occupied and renter-occupied houses, condos, duplexes, townhouses, and triplexes. The company is best for owners of these types of residential properties because they can be quoted quickly and can save you even more money if you combine it with their homeowners insurance policy.
Only commercial properties require you to talk to an agent. The residential properties can all be quoted online in less than five minutes. In fact, you can get an instant estimate in less than five seconds. After you buy a policy, most of your communication with them will be by phone or email. There is no account management online.
According to customer service reviews, filing a claim is easy. You can call or email your service agent to start the process. They walk you through each step, detailing what pictures to send, how to record damages, and more. FloodSimple writes policies in 41 states.
In a low- to medium-risk flood zone with $100,000 of coverage, your flood insurance will cost between $360 and $400 annually. Other factors that will impact your policy cost include the building’s address, foundation type, size, property type and use, and whether the property has ever had a flood before.
FloodSimple does not have any specific exclusions or inclusions other than not requiring an elevation certificate. The company uses computer scoring and underwriters who evaluate each property on an individual basis.
Best for Veterans : USAA
USAA provides flood insurance through the NFIP as well as through its broker network for excess coverage, so its flood policy offerings can adapt to your needs. Policy adaptability and generous member reimbursements make USAA the best flood insurer for veterans.
A mobile app for easy access
Available in all states
Specialized veteran insurance
Customer service is highly rated by its long-term membership
No local agent option available
Available only for U.S. service members, veterans, and family members
USAA offers an array of insurance types specialized for armed service members of any rank and their families, and shares its annual savings on its claims budget with its members to earn our vote for the best flood insurance company for veterans, active duty, and their families.
USAA was started by a group of 25 army officers to insure one another's vehicles in 1924. It provides services in 50 states and Washington, D.C., and has about 34,000 employees and 12.8 million members. AM Best has given it an A++ (Superior) rating.
NFIP covers building and property up to $250,000 and personal property up to $100,000. If you want coverage above the NFIP limits, USAA can arrange for excess coverage for you. It also sells coverage to condo owners and renters.
The company has an online quote form or you can start the process with an agent by phone. USAA has a good reputation for customer service available 24/7 through both phone and email after you buy your policy. They also have an app where you can submit a claim and view your account remotely.
Writing policies nationwide, the average annual price ranges for $250,000 of building coverage and $75,000 of contents coverage on a single-family home is $2,000 to $3,000. Variables that can affect your price include address, flood zone, size of the home, whether it is located above water, and the type of foundation or basement.
With USAA, you can get an online quote for a one- to four-family home that has not experienced a flood loss. Outside of those parameters, you need to call USAA to talk to a flood specialist.
Best for Comprehensive Coverage : Neptune
Neptune can tailor your policy to cover more of your assets than any other insurer, making it our top choice for comprehensive coverage.
Online residential quote tool
Available in 43 states for residential, 48 for commercial
Covers assets that other insurers won’t
Professes to be a tech innovator yet requires phone contact to file a claim
The NFIP and other private flood insurance companies won’t cover a long list of assets that Neptune will, making Neptune our most comprehensive flood insurance company. With Neptune, you can shape your policy to include replacement cost, temporary living expenses, basement contents, pool repair and refill, detached structures like garages, and business interruption payments.
Neptune was founded in 2016 by merging technology, math algorithms, and insurance knowledge. All of their policies benefit from an AM Best rating of A. They provide residential and commercial flood insurance, and their ideal customer is someone who has better things to do than spend lots of quality time with their insurance agent. They pride themselves on serving the consumer who wants convenience and self-help services for efficiency.
Neptune does online residential quoting. You do have the option to talk to an agent or send an email. Commercial quoting must be done by phone with an agent. After you buy a policy, you can make payments in your customer portal. For policy changes, questions, endorsements, or cancellations, Neptune wants you to call them. You can report a claim by calling or emailing the company, or contacting your local Neptune agent who wrote your policy. The Neptune Claim Adjuster will contact you within two hours of reporting your claim and will guide you through their short claim process. Neptune does not require pictures nor elevation certificates like other companies do.
The company writes residential and commercial policies nationwide, with a few random states still unavailable. They do not yet insure residences in Vermont, Washington, D.C., Kentucky, Alaska, South Dakota, Montana, Wyoming, and Utah. They’ll write commercial policies everywhere except Kentucky and Alaska.
The average cost of a residential policy with $250,000 of building coverage and $100,000 of contents coverage in a low- to medium-risk area falls between $1,250 and $1,800 a year. Location, construction, building, residency, basement type, number of stories, and whether you rent the dwelling to others or you are the renter will all change the policy pricing.
Neptune’s long list of policy inclusions is what sets it apart as the most comprehensive. The fact that you can cover your personal property stored in your basement, your pool, temporary living expenses, and extra buildings on your property are all notable policy inclusions that make Neptune stand out from the crowd.
Best for Renters : MetLife
Renters are looking for a policy that protects their belongings rather than the building, and MetLife combines a rock-solid reputation and financial strength with a low-cost policy, making it our top choice for renters.
Offers complete personal property coverage
Low monthly policy fee
Available in all 50 states
No online claims
Doesn't provide loss of use coverage
Specialty coverage packages are not available in all states
MetLife insurance offers renters an inexpensive policy to insure their personal property. It covers different natural disasters such as fire, hurricane, hail, and flood. It costs less than $15 per month for $15,000 of coverage to repair or replace personal belongings, earning our nod for best flood insurance policy for renters.
MetLife Insurance Company was founded in 1868 and has earned an A+ (Superior) rating from AM Best.
MetLife renters coverage includes personal property, personal liability, and medical payments to others. Coverage ranges from $5,000 to $100,000 for personal property, and for liability it ranges between $25,000 and $50,000.
The average policy costs just $15 per month. You may qualify for discounts if you have an auto insurance policy that you can bundle with your renters insurance, and you’ll get credit if you’ve never had a policy claim before.
You can view and print your policy documents and make one-time payments online. For everything else, like quoting or filing a claim, you need to call MetLife.
MetLife also offers unique bonus coverage that is placed in four specialty coverage packages: electronics, musical instruments, luxury items, and sports equipment. Policyholders can choose up to $5,000, $10,000, or $15,000.
Best Affordable Option : Better Flood Insurance
Better Flood Insurance uses the power of leverage to get you the most affordable flood insurance rates. This company scours the network of insurers on your behalf, saving you hours of research to match you to the program that fits your situation best. As a result, Better Flood Insurance can deliver the most affordable flood insurance options.
Flood insurance is all they do
Their shopping includes many Lloyd’s of London and other private flood insurance options
High customer service ratings
Instant flood insurance estimate and comparison tool online
The online quote form is very thorough. If you don’t have the patience for it, you may find it off-putting
Since they are shopping for you, they ask for things that some insurers wouldn’t request, such as an elevation certificate
When you hire a professional shopper like Better Flood Insurance, they evaluate the policies to make sure you are getting just the right amount of coverage at the right price. Many flood policies are written by generalists; as a result, policies are often over-priced and under-insured. Better Flood Insurance gets you the most affordable option and their expertise has made them the best at what they do, which makes them the best affordable option in our review.
Better Flood Insurance has three strategically placed offices to help you no matter what time zone you’re in. Their staff work in Florida, Colorado, and California in case you want to call them rather than connect with them online. Verified review sites supply ample five-star reviews and testimonials for you to read before you decide to contact them. The insurance companies they will review for you have the same strong financial ratings that our other winners have, plus the backing of Lloyd’s of London in many cases.
This company is best for people who want to make sure they don’t miss out on a better deal and would rather have the experts hunt for them. Consumers pay nothing out of pocket for Better Flood’s service.
The online quote process is similar to others; you fill out an online form describing your property and the coverage levels you’d like. Better Flood then takes your intake form and shops it to their network of insurers. You can get an instant estimate online too, near the bottom of their home page.
Since you don’t actually have a policy with Better Flood, you won’t file a claim with them either. Your relationship with them ends once they’ve found you a policy, though you can always go back to them and shop for a new policy if you feel like your insurance pricing is climbing too much.
For $250,000 of coverage, Better Flood will find you a policy nationwide that costs around $900 to $1,000 yearly, saving you $500 to $600 over an NFIP policy. Factors that affect the pricing are coverage amount, location, foundation and building type, flood zone designation, number of floors, whether there is a garage, age of the home, and occupancy type.
What Is Flood Insurance?
Flood insurance covers the harm caused by heavy or prolonged rain, melting snow, coastal storm surges, blocked storm drainage systems, or levee dam failure. Some policies cover only the structure of the home, while some cover the inside contents of the property such as electrical installations, cooling and heating systems, appliances, and more.
The NFIP excludes temporary housing and additional living expenses incurred while the building is being repaired or is unable to be occupied. Property outside of an insured building (landscaping, wells, septic systems, decks and patios, fences, seawalls, hot tubs, and swimming pools) are not covered either. Financial losses caused by business interruption are generally not covered by the NFIP, nor are losses of currency, precious metals, stock certificates and other valuable papers, cars and most self-propelled vehicles (including their parts), and personal property kept in basements. Some private insurers stand out by covering some of the items NFIP doesn’t.
What’s the Difference Between Private Flood Insurance and NFIP?
NFIP’s policies are regulated by the federal government. While NFIP has been the most common flood insurance for decades, with the appearance of private flood insurers, the market has become a bit more competitive. Private flood insurance carriers are independent and have their own reinsurance programs. They don’t have to abide by the requirements set by FEMA for the policies that are written through the NFIP.
Because they have a direct interest in the claims, private insurance companies analyze each property individually and generate premiums that reflect the flooding risk more accurately for each property. This allows consumers to find flood insurance that offers the best rate for their situation.
Who Should Get Flood Insurance?
While flood insurance is typically recommended for those who live in areas under risk of flood damage, that doesn’t mean that other homeowners shouldn’t get this coverage as well. More than 25% of flood claims come from properties outside of high flood areas, according to The Federal Emergency Management Agency. Furthermore, it only takes a few inches of floodwater in your home to cause an average of $35,000 in damage.
If you live in an area under risk of hurricane, storm, prolonged rainfall or snowfall, coastal storm surge, or other conditions that may increase the risk of flooding, flood insurance is a must. However, if you live in a low-risk area where there are no snowfalls, rainfalls, or other conditions that raise the risk of flooding, investing in flood insurance is not a must-have for you.
How We Chose the Best Flood Insurance Companies
To find the best flood insurance providers, we analyzed 16 companies to determine the best options in eight categories. We started with company history, financial and customer service ratings, and overall reputation. We looked at what types of flood insurance they offer, and for which situations they may be a particularly good fit. Online quoting and claims filing were a plus, but needed to be balanced with the option to dial up a live person.
We strongly preferred companies that write policies nationwide. Companies that fared well in our price comparisons rose to the top also. Finally, we pointed out any notable inclusions or exclusions that were different from other carriers.