Cost of Flood Insurance in Florida and How Coverage Works
The average cost of flood insurance in Florida is $910 per year for a policy from the National Flood Insurance Program (NFIP).
If you're a homeowner in Florida, your mortgage lender may require you to buy flood insurance if your house is located in a moderate- or high-risk flood zone. Homeowners who have Citizens Insurance are also required to buy flood insurance, even if you're not in a high-risk zone.
Home and renters insurance don't cover floods or storm surges. Flood insurance is a good idea even if it's not required, due to Florida's low elevation and high exposure to storms.
Find Cheap Homeowners Insurance Quotes in Florida
How much is flood insurance in Florida?
The average cost of flood insurance in Florida is $910 per year for a policy with around $292,000 of coverage from the NFIP.
Florida flood insurance quotes can range from $109 per year to more than $3,000. That's because flood insurance rates are based on a number of factors specific to your home. Some of the most important factors are your home's elevation, building materials and distance to the coast.
Florida flood insurance rate map: Costs by city
City | Avg annual cost |
|---|---|
| Alachua | $695 |
| Alford | $535 |
| Altamonte Springs | $518 |
| Anna Maria | $2,196 |
| Apalachicola | $1,141 |
Factors that affect the cost of flood insurance in Florida
Each company uses different variables to determine how much you'll pay for flood insurance. Recently, FEMA and the NFIP began using a system called Risk Rating 2.0 to determine flood insurance rates. Before Risk Rating 2.0 was created, flood insurance rates were based on your home's flood zone.
Risk rating 2.0 uses 24 factors to determine your flood insurance rates, including:
- Your state
- Distance to the ocean or other body of water, like a lake or river
- Your property's elevation above sea level
- Whether your home is raised
The amount of coverage you need and the deductible you choose will also play a role in your flood insurance rate.
You may pay more for flood insurance if your house is used as a rental property or if you live there less than half the year.
The NFIP adds a fee of $25 per year flood insurance for a primary residence. That fee jumps to $250 per year if you don't live in the home full time.
Do I need flood insurance in Florida?
Flood insurance isn't required by the state of Florida. But your mortgage lender might require you to buy a policy, especially if you're in a high-risk flood zone.
- You typically need flood insurance if the government's flood zone maps show that your house is located in a zone starting with an A or a V. These zones are usually near the coast or a large body of water, like a river or lake.
- Flood insurance isn't required if you're located in an X, C or a B flood zone. That's because your home has a lower risk of flooding. But nearly a quarter of flood events still occur in these areas.
Florida homeowners can look up their flood zone by visiting the FEMA flood map and entering their address.
Even if you're not in a flood zone, you'll need a flood insurance policy if you want to protect your home and belongings from flood damage.
Homeowners and renters insurance policies don't cover flood damage, even in the case of storm surge or wind-driven water that floods properties. If you don't have coverage and a storm hits, you'll likely have to pay to fix the damage and replace your stuff.
If you don't have flood insurance, you may not get federal assistance through FEMA unless the event is declared a federal emergency. Even then, post-disaster grants are less than $10,000 on average. A flood can easily cause much more than $10,000 of damage. You may need to replace your home's flooring, parts of the walls, your personal belongings and home appliances.
Flood insurance for Citizens Insurance customers
All homeowners who have a policy with Citizens Insurance will need to buy flood insurance by 2027.
This requirement was a part of a bill passed by the Florida legislature in December 2022. The requirement is rolling out in stages, so some people will need coverage sooner than others.
The first group of homeowners who will need flood insurance is those living in a special flood hazard area (SFHA). This refers to people living in flood zones that start with A or V. These zones are typically located close to the coast or a large body of water. Most of these homeowners are already required to have a flood insurance policy by their mortgage company.
Citizens customers who don't want to buy flood insurance should shop around for a different home insurance company before the deadline for your home.
When do I need flood insurance?
Date | Who needs it? |
|---|---|
| April 1, 2023 | New customers with homes in a SFHA |
| July 1, 2023 | Homes in SFHAs with policies that include wind coverage |
| January 1, 2024 | Homes insured for $600,000+ |
| January 1, 2025 | Homes insured for $500,000+ |
| January 1, 2026 | Homes insured for $400,000+ |
| January 1, 2027 | All homes |
How to get flood insurance in Florida
You can buy NFIP flood insurance from most Florida home insurance companies and agents.
You should ask your current homeowners or renters insurance company for coverage if you'd like an NFIP policy. The NFIP is a government-backed program, which means its rates are the same regardless of where you buy coverage.
If your home is damaged in a major storm, it will make your life much easier to have your home and flood insurance policies with the same company.
Largest flood insurance companies in Florida for NFIP policies
Company | Market share % |
|---|---|
| Wright National Flood | 36% |
| Assurant | 12% |
| Allstate | 10% |
| The Hartford | 8% |
| Progressive | 7% |
*Flood insurance from USAA is only available to members of the military, veterans and their families.
Private flood insurance in Florida
In the last few years, Florida has made it easier for companies to offer private flood insurance as an alternative to the NFIP.
Private flood insurance companies may have cheaper rates and higher levels of coverage than the NFIP.
Some private flood insurance companies also offer coverage more quickly. Coverage may start in as few as three days after you buy a policy. In comparison, an NFIP policy typically has a 30-day waiting period before coverage kicks in.
In addition, a private flood insurance policy may offer you higher coverage limits. That means you could get more comprehensive coverage if your house costs more than $250,000 to replace.
However, private flood insurance companies can cancel your policy if they decide your home is too risky to protect.
How to find cheap flood insurance quotes in Florida
To find the best flood insurance rates, you should compare quotes from the NFIP and private flood insurance companies. Private flood insurance is typically around the same price, or cheaper than, the NFIP.
There are a few other ways you can save on Florida flood insurance:
What does flood insurance cover in Florida?
Flood insurance helps protect your home's structure and your personal belongings.
Flood insurance from the NFIP has a maximum of $250,000 of dwelling coverage. This coverage helps pay to repair or rebuild your home if it's damaged by flood water.
What does NFIP dwelling coverage protect?
- Your home's walls, windows, doors and roof.
- Permanent flooring like hardwood or carpeting.
- Detached garages.
- A furnace, HVAC, electrical wiring and other standard home systems.
- Built-in appliances like an oven or fridge.
- Debris removal.
Private flood insurance companies tend to offer higher coverage limits than the NFIP. They may also have extra coverage options you can add on for more protection.
If your home would cost more than $250,000 to rebuild or you have valuable belongings, you may be better off with a private flood insurance company.
NFIP policies also protect up to $100,000 worth of personal belongings.
What does NFIP personal property coverage protect?
- Furniture and rugs
- Clothing
- Window treatments
- Portable appliances, like microwaves or mixers
- Electronic devices, like TVs and routers
- Frozen food
- Valuables (up to $2,500)
The NFIP doesn't cover some parts of your property. This is usually because they are more likely to be damaged by flood water.
What's not covered by NFIP insurance?
- Decks
- Fences
- Landscaping
- Pools and hot tubs
- Cash and stock certificates
- Precious metals
In addition, NFIP flood insurance doesn't pay for additional living expenses or loss of income if your home becomes uninhabitable.
Frequently asked questions
What is the average cost of flood insurance in Florida?
Florida flood insurance costs $910 per year for $292,000 of coverage from the National Flood Insurance Program (NFIP), on average. That's 23% more expensive than the national average, which is $742 per year. But rates vary widely from one Florida city to the next.
Can everyone in Florida get flood insurance?
Yes, everyone in Florida can buy flood insurance from the National Flood Insurance Program (NFIP). However, you might not be able to get private flood insurance if you live in an area with a very high flood risk.
Is flood insurance worth it in Florida?
Yes, flood insurance is the only way to protect your home and personal belongings from damage due to flood waters. Even if you're not located in a high-risk flood zone, there's still a chance you can experience flooding in Florida, especially during hurricane season.
What is the new flood insurance law in Florida?
The Florida legislature passed a bill in December 2022 that requires all homeowners insured by Citizens Insurance to have flood insurance by 2027. This requirement will roll out gradually, and people who are in high-risk flood areas and those who own expensive homes will be impacted first.
Methodology
To find the average cost of flood insurance in Florida, ValuePenguin studied data published by the National Flood Insurance Program (NFIP).
Market share information for the largest flood insurance companies in Florida was provided by S&P Global, a financial data resource for the insurance industry.