How Much Is the Average Cost of Flood Insurance?

 

Part of being a responsible homeowner is preparing for the worst-case scenarios. That includes, of course, all manner of natural disasters. You never know when life is going to throw you a curveball.

One form of insurance that some people waiver on getting is flood insurance. Those who might not be in a high-risk area might consider skipping it. This can be a huge mistake! Floods can damage your home an immense amount and it can be difficult to bounce back without insurance.

What is the average cost of flood insurance? This will be important to know if you're considering purchasing a policy for your home. Read on and we'll walk you through what you need to know.

What Determines Flood Insurance Costs?

Like all forms of insurance, the cost of flood insurance will differ from property to property based on a wide variety of factors. One person's insurance might cost substantially less than another's.

It's important to try and understand the cost of insurance and where it comes from.

First, there's the flood risk of the house as determined by a city's flood maps. It goes without saying that the more likely a house is to flood, the more the cost of insurance will be. Most cities have divided their land into zones, with different zones labeled at higher levels of risk.

Looking into what zone your home is located in should give you an idea of how much you'll need to pay for insurance. The age and construction of your home can also contribute, as well as how much coverage you want to have included as part of your policy.

Flood insurance costs will also vary depending on where you obtain your insurance. The federal government offers lower-cost policies to all homeowners, though many still elect to get slightly more expensive insurance through private sellers.

Average Cost of Flood Insurance

How much might you expect to pay for flood insurance? As we said, this number could vary greatly depending on a number of specifics related to your home.

Even from state to state, these averages vary greatly. Connecticut is the state with the highest cost of flood insurance in the country, with the average cost being well over one-thousand dollars for the typical homeowner. Virginia, South Carolina, and Michigan are not all too far behind.

On the other hand, the average cost in other states could be much lower. In some places, the average cost is as little as a mere 50% of the greater cost. Georgia, Utah, and Massachusetts all could be lumped under this umbrella with a cost hovering just over $500 a month.

That's a more than significant difference! Living there will mean you'll be paying a fraction of the premium costs you might be facing elsewhere.

How Expensive Is Flood Insurance?

If you're looking to protect your home against disaster, it would only make sense that you would be curious about the average cost of flood insurance.

Ready to learn more about being the best homeowner? Be sure to browse the rest of this site.