The average cost of a National Flood Insurance Program (NFIP) policy in Florida is about $660 per year. However, the specific rate you get will depend on a variety of factors such as where you live and the provider you choose.
To help you find a competitive deal, here’s a look at the average cost of flood insurance in each Florida county, the factors that will impact your cost, and the top Florida flood insurance companies to consider.
The Average Cost of Flood Insurance in Florida
The average cost of NFIP flood insurance coverage is $660 per year. Your policy costs can vary drastically depending on your county’s flood risk. For example, the average annual premium is just $418 in Walton County but $1,439 in Monroe County.
Flood Insurance Costs in Florida by County
|County||Average Annual Premium||Average Monthly Premium|
|INDIAN RIVER COUNTY||$679||$57|
|NEW YORK COUNTY||$4,186||$349|
|PALM BEACH COUNTY||$450||$38|
|SANTA ROSA COUNTY||$586||$49|
|ST. JOHNS COUNTY||$612||$51|
|ST. LUCIE COUNTY||$474||$40|
Source: National Flood Insurance Program (NFIP), Policy Information by State, February 2023
How Flood Insurance Works in Florida
Flood insurance is available through the NFIP and private insurers. While the NFIP has been the primary provider of flood insurance in the U.S. for decades, it’s been losing market share to private insurers in recent years.
In 2019, the Federal Deposit Insurance Corporation (FDIC) finalized a rule that required institutions to accept private flood insurance policies that meet certain standards. As a result, when your lender requires you to get flood insurance, you don’t have to get a policy through the NFIP. That change, combined with the NFIP’s limited coverage, could make private insurance a better option.
NFIP policies cover a maximum of $250,000 for a single-family home, and $100,000 for personal belongings. Private policies do not have the same limits.
Projected Rate Increases in Florida
After implementing a new risk rating model in 2021, the Federal Emergency Management Agency (FEMA) projected that 80% of NFIP policyholders would be subjected to premium increases while 20% would see decreases. Of those that would see increases:
- 68% were expected to pay up to $120 more per year.
- 8% were expected to pay between $120 and $240 more per year.
- 4% were expected to pay over $240 more per year.
Amid these increases, however, federal regulations cap rate increases at 18% for most policies.
FEMA’s new risk rating model did not apply to private flood policy premiums.
Factors Influencing Cost
The cost of flood insurance depends on the likelihood that you’ll experience a flood and need to file a claim. Factors such as which flood zone your home is in, the details of your coverage, your deductible amount, and your structure’s risk profile affect your premiums.
FEMA assesses the risk of floods across the U.S., assigns each area a zone, and reports the results through its flood map service. Here are the zones you’ll find in FEMA’s maps:
- Special Hazard Flood Areas (SFHA): Zone A, AO, AH, A1-A30, AE, A99, AR, AR/AE, AR/AO, AR/A1-A30, AR/A, V, VE, and V1-V30 have an annual flooding risk of 1% or more.
- Moderate flood hazard areas: Zone B or X (shaded) have an annual flooding risk of between 0.02% and 1%.
- Minimal flood hazard areas: Zone C or X (unshaded) have an annual flooding risk below 0.02%.
Areas are often deemed higher risk if they are near a river or ocean, or regularly subjected to heavy rains or severe storms like hurricanes.
The flood insurance coverage type you choose will also impact your costs. You can get coverage for your home or office building, coverage for your belongings (“contents”), or both. Additionally, the amount of coverage you need will be a factor, as higher coverage amounts cost more.
Private flood insurers allow you to choose from a series of deductibles. For example, when we went through the quote process for a flood policy from Neptune Insurance, the insurer allowed us to choose a deductible ranging from $1,000 to $25,000. Higher deductibles mean you’ll make a higher one-time payment when you file a claim, but your premiums will be lower. Alternatively, a lower deductible means you’ll pay less if you need to file a claim but higher monthly premiums.
If you voluntarily purchase an NFIP policy, you may be able to choose your deductible. If your lender requires you to purchase an NFIP policy, your lender will choose your deductible.
Unique Risk of Your Structure
Insurers will also consider several factors about your unique property:
- Foundation type
- Building materials
- Number of floors
- Location of utilities
To better understand the costs for your specific situation, use premium quote tools from flood insurers to see how the various we mentioned impact your premium.
NFIP policies have a 30-day waiting period before the coverage kicks in, while private flood insurance policies have as little as a seven-day waiting period.
Top Flood Insurance Companies in Florida
Not sure where to start your search for flood insurance? Here are five reputable flood insurance companies that serve the Sunshine State.
Kin Insurance: Best Homeowners Endorsement Coverage
Kin Insurance offers private flood coverage as a homeowners' insurance endorsement and outshines NFIP policies on a few fronts. Instead of $250,000 in dwelling coverage and $100,000 in personal property coverage, you’ll have coverage up to your homeowners' insurance limits. Additionally, there’s no waiting period, you’ll have one deductible that applies for both flood and insurance claims, and premiums start as low as $175 per year.
Tower Hill Insurance: Best for Coverage Limits
Tower Hill Insurance offers a comprehensive lineup of coverage options. You can opt for an NFIP policy, a stand-alone private policy, or a flood endorsement on a Tower Hill homeowners policy. The non-NFIP residential flood policies cover up to $4 million in building replacement costs and up to $3 million in contents. You can also add loss-of-use coverage to cover the costs of settling elsewhere while your home is repaired or replaced.
Neptune Flood Insurance: Best for Add-On Coverage Types
Neptune Flood Insurance offers standalone private policies with up to $4,000,000 in dwelling coverage and $500,000 in contents coverage. You can also add coverage for temporary living expenses, basement contents, detached structures beyond a garage, and pool repairs or refills. Further, the waiting period is 10 days instead of 30.
Allstate: Best for Displacement Coverage Limits
Allstate offers NFIP policies and private policies through National General, an Allstate company. If you opt for a private policy, you can get up to $1,500,000 in residential building coverage, up to $750,000 in contents coverage, and up to $150,000 in displacement cost coverage. Allstate’s policies have an impressive seven-day waiting period.
Assurant: Best for Affordable Commercial Coverage
Assurant is the second-largest carrier offering flood insurance. It offers both NFIP, private residential, and private commercial flood policies. Assurant claims its commercial coverage saves business owners an average of 20% for eligible properties. It includes coverage for buildings up to $1,000,000 and contents up to $500,000.
How to Save Money on Flood Insurance in Florida
You can save money on flood insurance by shopping around to find the best deal on the coverage you need. Compare quotes from a few providers to see how much coverage you can get and what it will cost you.
Additionally, consider the different deductible options. Remember, you can save on your premium by opting for a higher deductible. However, be sure to weigh the costs and benefits—if you file a claim, you’ll have to pay a higher amount before your insurance kicks in.
Your credit score can also impact your premium. Paying bills on time and keeping your credit utilization low will help.
How to Choose the Best Flood Insurance in Florida
To find the best flood insurance company in Florida for you, be sure to tick these boxes:
- Start by figuring out the type and amount of coverage you need. You’ll want to consider both building and contents coverage. If you want more than $250,000 in building and $100,000 in contents coverage, consider a private policy.
- Additionally, check the types of coverage you can get, as many private insurers offer more options than the NFIP.
- As you’re getting serious about a policy, be sure to read the fine print. Look out for exclusions and coverage limits on specific items.
- Lastly, check into an insurer’s customer support channels, financial strength ratings, and customer complaint index with the National Association of Insurance Commissioners. You want to ensure you’re working with a company that you can rely on to settle your claim with as little stress as possible.
Is Flood Insurance Required in Florida?
Flood insurance is required for homeowners who have government-backed mortgages and live in designated Special Flood Hazard Area (SFHA). It may also be required by your lender if you live near a body of water. Further, Citizens Property Insurance policyholders in Florida who live in an SFHA will be required to maintain flood insurance that meets certain requirements. If you live outside of an SFHA, flood insurance is required by March 1, 2024, to March 1, 2027, depending on your coverage limit.
Can You Get Flood Insurance in Florida?
Yes, you can get flood insurance in Florida from the NFIP and private insurers.
How Much is Flood Insurance in Florida Zone X?
The average flood insurance cost in Zone X is about $502 per year, which is quite a bit lower than the statewide average of $660. Zone X refers to areas with a low- to moderate- flood risk, hence, the lower costs.
Do I Need Flood Insurance in Florida?
While flood insurance is required for some Florida homeowners, it’s worth considering for everyone. According to FEMA, those in low- to moderate- flood risk areas are five times more likely to experience a flood than a fire in the next 30 years. Additionally, around 40% of all NFIP flood claims happen in low- to moderate-risk areas. Floridians are never too far from water and the state is prone to hurricanes, so flood insurance is a good idea.
Federal Deposit Insurance Corporation. “Issuance of Final Rule on Loans in Areas Having Special Flood Hazards—Private Flood Insurance.”
National Flood Insurance Program. “NFIP Coverage Limits.”
Federal Emergency Management Agency. “Florida—Risk Rating 2.0.”
Tower Hill Insurance. “Flood Insurance.”
The Florida Senate. “Property Insurance—2022A Bill Summaries.”
Federal Emergency Management Agency. “FEMA Flood Map Service Center: Search By Address.”