How much does Flood Insurance Cost in Florida?
At FloodPrice.com, we're excited to offer you access to the nation's largest private flood insurers, providing coverage you can trust. Our instant online quote tool compares rates from numerous carriers searching for the best coverage at the lowest price. We can compare your quote to an NFIP price and help you choose the better option.
How Much is Flood Insurance in Florida
How much is Flood Insurance in Florida?
The average cost of a flood insurance policy through the National Flood Insurance Program (NFIP) is $1,005.66 per year. However, rates can vary widely based on where you live and the coverage limits and deductibles you choose for your building and its contents. To give you a better idea, here are the average NFIP flood insurance costs in some of Florida's largest cities.
Average NFIP Flood Insurance Costs
City | Average Cost per Policy |
|---|---|
Jacksonville | $863.72 |
Miami | $411.16 |
Tampa | $1,551.34 |
Orlando | $631.03 |
St. Petersburg | $1,607.57 |
Hialeah | $569.34 |
Port St. Lucie | $632.37 |
Tallahassee | $1,097.01 |
Cape Coral | $1,707.10 |
Fort Lauderdale | $782.42 |
Prices as of 07/31/24.
Our Private Flood Insurance Prices are Often Lower!
A private flood insurance policy from FloodPrice is often significantly lower than the averages mentioned above. Get a quick quote online and see much you could save.
​
If you're not sure whether to choose a private flood insurance policy or an NFIP policy—or if you're simply curious about your options—we're here to help. Give us a call and we'll gladly answer all your questions.
Check Out Our Customer Reviews
Risk Rating 2.0 Pricing in Florida.
FEMA's Risk Rating 2.0 methodology has affected nearly all NFIP flood insurance policies in Florida, with 96% of policyholders experiencing pricing changes. Since NFIP policies can’t be canceled mid-term, the best time to compare options is 60 days before your policy renews. Give us a call, and we’ll help you compare the updated NFIP pricing with a private flood insurance quote—which could save you hundreds of dollars!
NFIP vs. Private Flood Insurance
Private flood insurance offers an attractive alternative to NFIP policies, especially for homeowners seeking greater flexibility, higher coverage limits, and potentially lower premiums. Private flood insurance can offer a more personalized and potentially cost-effective solution, especially in areas where NFIP premiums are rising under FEMA’s Risk Rating 2.0.
Not sure whether to choose a Private or NFIP Flood Insurance policy?
FloodPrice offers both! Our flood experts are standing by to help you compare costs and coverage options.
​
Give us a call, and we’ll help you find the best option for your needs.
Let's Compare: | Private Policy | NFIP Policy |
|---|---|---|
Compliant with State Insurance Laws | Yes | No |
Maximum Building Coverage Amount | $5,000,000 | $250,000 |
Maximum Contents Coverage Amount | $500,000 | $100,000 |
Additional Coverage Options Available** | Additional Living Expenses & Carports | None |
Basement Coverage Available* | Paint, Flooring, Baseboards, Personal Property, and more. | Drywall (no tape or mud), No personal property coverage |
Waiting Period for Policy Inception (Waiting periods waived for loan closing) | 15 Days | 30 Days |
*To see what is covered by the NFIP, Click Here.
**Limited coverage may be available for detached garage.
​
Learn More about Additional Living Expense and Loss of Use Coverage
NFIP vs. Private Flood Insurance
Get a Quote Online in as Little as 2 Minutes!
Let Us do the Work For You! Give Us a Call.
How can I Save on Flood Insurance in Florida?
Insurance companies consider several risk factors when calculating your premium. For instance, properties closer to natural water sources, like oceans or rivers, often face higher premiums due to increased flood risk. Additionally, your home’s elevation relative to potential flood levels can influence pricing—homes with higher elevation often qualify for lower premiums.
​
Comparing coverage options and pricing between private flood insurance and NFIP policies can lead to significant savings! Luckily, we offer both.
​
We’re here to help! Just give us a call at 866-503-5663, and we’ll help you compare prices to find an affordable policy that fits your coverage needs.
Do You Need Flood Insurance in Florida?
Due to the state’s unique geography, Florida is particularly prone to flooding, making flood insurance an essential safeguard for your home and finances. Even if your mortgage lender doesn’t require it, having flood insurance can be crucial to protect your home and finances. Floods can happen anywhere, and without insurance, you will likely be responsible for significant out-of-pocket costs to repair flood damage. Protecting your home now can save you from unexpected financial strain in the future.
Is Flood Insurance Mandatory in Florida?
Lenders regularly require flood insurance for properties in designated high-risk flood areas (known as Special Flood Hazard Areas, or SFHAs). They can face significant penalties from regulatory agencies if they don’t require borrowers to purchase flood insurance in zones starting with 'A' or 'V'.
​
If a property is damaged or destroyed by flooding, flood insurance ensures that the bank’s collateral (the property securing the loan) is covered, which reduces the risk of significant loss for both the bank and the borrower.
​
Furthermore, certain homeowners insurance companies such as Citizens require flood insurance in the state of Florida.
​
How Much Flood Insurance Coverage is Required?
The required flood insurance coverage amount is determined by the lesser of these three factors:
-
The maximum flood insurance coverage available from the NFIP for the property type
-
The outstanding principal balance of the mortgage, or
-
The insurable value of the structure
Is Flood Insurance Required if I don't have a Mortgage?
Some homeowner insurers, like Citizens Property Insurance Corporation, now mandate that most policyholders have flood insurance. Even if your insurance company doesn’t require it, flood insurance can provide invaluable protection. Up to 25% of flood claims come from outside high-risk flood zones, and Florida’s unique geography as a peninsula makes it particularly vulnerable to flooding. Flood insurance can help protect your property and finances, offering peace of mind regardless of your location.
Does my Homeowners Insurance Policy cover Flooding?
Homeowners insurance generally does not include flood coverage. It’s up to the homeowner to obtain a separate flood insurance policy from either the private or NFIP flood insurance. You can get started with our easy online quote tool.
Can I get Flood Insurance if my property has Previously Flooded?
Yes, you can still get flood insurance even if your property has a history of being flooded. However, previous flood damage may impact your premium and coverage options. Providing accurate information on your flood insurance application is essential to ensure any future claims are processed smoothly. Give us a call at 866-503-5663, and we’ll review your options to help you find the best coverage for your needs.
When is the Best Time to Buy Flood Insurance?
As soon as possible! Both private and NFIP flood insurance policies often come with a waiting period, meaning coverage doesn’t start immediately. If a hurricane or major storm is on the way, it may already be too late, as many insurance companies restrict approvals before significant weather events to prevent last-minute purchases based on forecasts. Since storms can strike unexpectedly, it’s wise to have your flood insurance policy in place well before disaster hits.
How do I purchase a Flood Insurance policy in Florida?
To get a flood insurance quote, you can use our easy online portal or give us a call at 866-503-5663. We’ll help you compare options and prices for both private flood insurance and NFIP policies, finding the coverage that best meets your needs and budget.
*68% of NFIP policy holders in Florida (1,178,074 policies) will see an average increase of $0-$120 per year. 8% of policyholders (134,572 policies) will see an increase of $120-$240 per year. 4% of policyholders (73,113 policies) will see an increase of greater than $240 per year. Source: https://www.fema.gov/sites/default/files/documents/fema_florida-state-profile_03-2021.pdf
