February 26, 2024

If you live in Florida and your home is in a moderate- or high-risk flood zone, you should ascertain how much is a flood insurance in Florida because your mortgage lender may require you to purchase flood insurance.

Even if they live in a low-risk area, homeowners with Citizens Insurance are required to purchase flood insurance.

Floods and storm surges are not covered by homeowners’ or renters’ insurance. Because of Florida’s low elevation and high exposure to storms, flood insurance is a good idea even if it isn’t required.

How Much is a Flood Insurance in Florida

Overview of Flood Insurance

Flood insurance is a type of insurance specifically designed to provide coverage for property damage and losses caused by floods.

Standard homeowner’s insurance policies typically do not cover flood-related damages, making flood insurance a critical additional coverage for properties located in flood-prone areas.

Policyholders pay premiums to the insurance company, and in return, they receive financial protection against flood-related damages, including structural repairs, content replacement, and restoration costs.

Flood insurance helps homeowners and businesses recover financially from the devastating impact of flooding events, ensuring they can rebuild and restore their properties after flood disasters.

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How Much is Flood Insurance in Florida?

The average cost of flood insurance in Florida is $910 per year for a policy with approximately $292,000 in NFIP coverage.

Flood insurance quotes in Florida can range from $109 to more than $3,000. This is because flood insurance rates are determined by a variety of factors unique to your home.

Elevation, building materials, and distance to the coast are all important considerations.

Factors that Affect the Cost of Flood Insurance in Florida

Each company uses different variables to determine how much flood insurance you’ll have to pay. FEMA and the NFIP have recently begun using a system called Risk Rating 2.0 to calculate flood insurance rates.

Before Risk Rating 2.0, flood insurance rates were determined by your home’s flood zone.

To determine your flood insurance rates, Risk Rating 2.0 considers 24 factors, including:

  • Your state of residence
  • proximity to the ocean or other body of water, like a lake or river
  • Your property’s height above sea level
  • Whether your residence is raised

Your flood insurance rate will also be affected by the amount of coverage you require and the deductible you select.

If you rent out your home or live there for less than half the year, you may have to pay more for flood insurance.

The NFIP charges a fee of $25 per year for primary residence flood insurance. If you do not live in the home full-time, the fee rises to $250 per year.

Do I Need Flood Insurance in Florida?

The state of Florida does not mandate flood insurance. However, if you live in a high-risk flood zone, your mortgage lender may require you to purchase a policy.

  • Flood insurance is typically required if your home is located in a flood zone beginning with an A or a V, as shown on the government’s flood zone maps. These zones are typically located near the coast or a large body of water, such as a river or lake.
  • If you live in an X, C, or B flood zone, you do not need flood insurance. This is because your house is less likely to flood. However, these areas still account for nearly a quarter of all flood events.

Florida residents can determine their flood zone by visiting the FEMA flood map and inputting their addresses.

Even if you don’t live in a flood zone, you’ll need flood insurance to protect your home and belongings from flood damage.

Flood damage is not covered by homeowners’ or renters’ insurance policies, even when caused by storm surge or wind-driven water.

If you don’t have coverage and a storm hits, you’ll almost certainly have to pay to repair the damage and replace your belongings.

If you do not have flood insurance, you may not be eligible for FEMA assistance unless the event is declared a federal emergency.

Even so, post-disaster grants are typically less than $10,000. A flood can easily cause far more damage than $10,000.

You may need to replace the flooring, parts of the walls, personal belongings, and home appliances in your home.

Flood Insurance for Citizens Insurance Customers

By 2027, all homeowners with Citizens Insurance policies will be required to purchase flood insurance.

This stipulation was included in a bill passed by the Florida legislature in December 2022. Because the requirement is being phased in, some people will require coverage sooner than others.

The first homeowners who will require flood insurance are those who live in a special flood hazard area (SFHA).

This refers to people who live in flood zones that begin with the letters A or V. These zones are usually found near the coast or a large body of water.

Most of these homeowners are already required by their mortgage company to have flood insurance.

Customers who do not want to purchase flood insurance should look for another home insurance company before the deadline for your home.

How to Get Flood Insurance in Florida

Most Florida home insurance companies and agents sell NFIP flood insurance.

If you want an NFIP policy, you should ask your current homeowners or renters insurance company for coverage.

Because the NFIP is a government-backed program, its rates are the same no matter where you purchase coverage.

If your home is damaged in a major storm, having your home and flood insurance policies with the same company will make your life much easier.

Private Flood Insurance in Florida

In recent years, Florida has made it easier for businesses to provide private flood insurance as an alternative to the NFIP.

Private flood insurance companies may offer lower rates and greater coverage than the NFIP.

Some private flood insurance companies also provide faster coverage. Coverage may begin as soon as three days after you purchase a policy. In contrast, an NFIP policy usually has a 30-day waiting period before coverage begins.

Furthermore, a private flood insurance policy may provide you with higher coverage limits. That is, if the cost of replacing your home exceeds $250,000, you may be able to obtain more comprehensive coverage.

However, private flood insurance companies can cancel your policy if they feel your home is too risky to protect.

How to Find Cheap Flood Insurance Quotes in Florida

You should compare quotes from the NFIP and private flood insurance companies to find the best flood insurance rates. Private flood insurance is typically comparable to or less expensive than the NFIP.

Other ways to save money on Florida flood insurance include:

  • Increase your insurance deductible. A higher deductible will lower your insurance costs because your company will not have to pay as much if your home is damaged by a flood. Remember that you must pay the deductible before your insurance will kick in. As a result, you should always select a deductible amount that you know you can afford in an emergency.
  • Obtain a certificate of elevation. An elevation certificate reveals vital information about your property, such as your flood zone and the height of your lowest floor. Giving this information to your insurance company may result in a lower rate.
  • Improve your home to avoid flooding. If you take precautions to avoid flooding, your flood insurance company may offer you a discount. Installing hurricane shutters, grading your property so water flows away from your home, and raising your HVAC unit above ground level are all examples. These steps can help prevent damage and give you peace of mind in addition to saving money on your insurance.

What Does Flood Insurance Cover in Florida?

Flood insurance protects the structure of your home as well as your personal belongings.

The NFIP allows for a maximum of $250,000 in dwelling coverage. This coverage assists in the repair or rebuilding of your home if it has been damaged by flood water.

Private flood insurance companies typically provide greater coverage limits than the NFIP. They may also offer additional coverage options for added security.

If rebuilding your home would cost more than $250,000, or if you have valuable possessions, you may be better off with a private flood insurance company.

Personal belongings are also covered by NFIP policies up to $100,000 in value. Some areas of your property are not covered by the NFIP. This is usually because they are more vulnerable to flood damage.

Furthermore, NFIP flood insurance does not cover additional living expenses or lost income if your home is rendered uninhabitable.

Frequently Asked Questions

What is the Average Cost of Flood Insurance in Florida?

On average, flood insurance in Florida costs $910 per year for $292,000 of coverage through the National Flood Insurance Program (NFIP).

This is 23% higher than the national average of $742 per year. However, prices vary greatly from one Florida city to the next.

Can Everyone in Florida Get Flood Insurance?

Yes, flood insurance is available to all Floridians through the National Flood Insurance Program (NFIP). However, if you live in a flood-prone area, you may be unable to obtain private flood insurance.

Is Flood Insurance Worth It in Florida?

Flood insurance is the only way to protect your home and personal belongings from flood damage.

Even if you are not in a high-risk flood zone, you may 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 requiring all Citizens Insurance homeowners to have flood insurance by 2027.

This requirement will be phased in over time, with people living in high-risk flood zones and owning expensive homes bearing the brunt of the burden first.

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In summary

To find the average cost of flood insurance in Florida, we analyzed data published by the National Flood Insurance Program (NFIP).

Market share data for the largest flood insurance companies in Florida was delivered by S&P Global, a financial data resource for the insurance industry.

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