The cost of flooding

Flooding can be an emotionally and financially devastating event. With flood insurance, you're able to recover faster and more fully.

Use the tool below to see how much flood damage – even from just a few inches of water – could roughly cost you.  This is estimated data and may not reflect your locality or exact situation.

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What impacts flood insurance policy costs?

A number of factors are considered when determining your annual flood insurance premium. These factors include:

• Flood risk

• The type of coverage being purchased (e.g., building and contents coverage)

• The deductible and amount of building and contents coverage

• The location of your structure

• The design and age of your structure

• The location of your structure’s contents (e.g., Are your utilities elevated?)

With NFIP's pricing approach, Risk Rating 2.0, FEMA has the capability and tools to address rating disparities by incorporating more flood risk variables. These include flood frequency, multiple flood types — river overflow, storm surge, coastal erosion, and heavy rainfall — and distance to a water source, as well as property characteristics such as elevation and the cost to rebuild. 

More information is available in the Rate Explanation Guide.

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Your property’s elevation

For properties in high-risk flood areas built after the first Federal Emergency Management Agency (FEMA) flood maps, the elevation of the building in relation to the base flood elevation is also a factor.

While Elevation Certificates (ECs) are no longer required to purchase coverage under NFIP's pricing approach, a property owner may choose to provide an EC and submit it to their agent to determine if it will lower their cost of insurance. ECs will also continue to be used for floodplain management building requirements, which can affect eligibility for Community Rating System discounts.

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Understanding your policy terms

For detailed information about your flood insurance policy, review the Flood Insurance Manual or contact your insurance agent today.

You can also call the National Flood Insurance Program (NFIP) at 877-336-2627.

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Coverage Limits

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For residential properties, you can secure coverage up to $250,000 for the building and $100,000 for the building contents.

For commercial properties, you can secure coverage up to $500,000 for the building and $500,000 for the building contents.

Contents and building coverage are purchased separately, and there are always separate deductibles. Unless you have contents coverage, your flood-damaged belongings are not covered.

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Waiting periods for your coverage

Typically, there’s a 30-day waiting period from date of purchase until your flood insurance policy goes into effect.

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Exceptions to the 30-day waiting period

No waiting period:

• If you purchase flood insurance while making, increasing, extending, or renewing your mortgage loan.

• If you change your flood insurance coverage on your insurance policy renewal bill.

• In the event of flooding after a wildfire, if a property is impacted by flooding on burned federal land and the policy is purchased within 60 days of the wildfire-containment date. Waiving of the waiting period is determined at the time of claim.

1-day waiting period:

• If a home or business is newly designated to be in the high-risk flood area and you purchase flood insurance within the 13-month period following a map update.

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Policy term and expiration

NFIP flood insurance has a policy term of one year.

All policies expire at 12:01am on the last day of the effective term, but you remain covered for 30 days after the expiration.

Claims for losses that occur in this grace period will be honored, provided that the full renewal premium is paid by the end of the 30-day grace period.

Letting your policy lapse could cause you to lose any discounted rates you have been receiving, and you may not be in compliance with the terms of your mortgage agreement.

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