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Flood Q & A

How much does flood insurance cost?

The average premium for a standard flood policy is $500 per year. But remember, you could qualify for a Preferred Risk Policy and pay as little as $119 per year. (refer back to "What flood zone am I in?" for average costs per zone)

Still, it's hard to see the value of a policy until you actually compare it to the price of flood damage. See for yourself:




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Flood Damage Repair Estimate  
Remove debris
$ 1,500
Replace carpet
Replace drywall/paint/wallpaper
Repair cabinets

Flood Damage Estimate Total: $28,000

Annual Flood Insurance Premium Estimate: $500


A disaster loan of $28,000, which is repayable with interest, would cost more than $1550 a year over 18 years - in addition to your existing mortgage payments. Plus, if you receive disaster assistance, you must purchase and maintain flood insurance to received further assistance.

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