Between 2014 and 2023, damage from flooding in the U.S. has cost an average of $46 billion a year to repair, according to the Congressional Budget Office. With the growing impact of climate change, that amount is projected to increase by at least a quarter in the next 25 years.
A standard home insurance policy won't cover floods — to protect your home and belongings, you'll need a standalone flood insurance policy. Yet close to a quarter of homeowners (22%) who live in a flood zone don't have coverage.
Flood policies are available from the National Flood Insurance Program (NFIP) as well as from private insurance companies. While NFIP policies are available to anyone in a participating community, they have lower coverage limits, little customization and no coverage for additional living expenses. Private insurers typically offer more competitive rates, higher coverage limits and fewer exclusions.
Below, CNBC Select has selected the best flood insurance companies, based on rates, coverage, customer service and more. To learn how we made our selections, see our methodology.
Best NFIP flood insurance: Amica
Amica NFIP Flood Insurance
Policy highlights
National Flood Insurance Program (NFIP) policies. Superior customer service and discount for bundling flood with other insurance.
Maximum coverage
$250,000 in dwelling coverage and $100,000 in contents coverage
Availability
Nationwide except for Alaska and Hawaii
Pros
- Also offers homeowners and auto insurance
- Highly rated for homeowners insurance by J.D. Power
Cons
- Must pay annual premium in one lump sum
- Does not cover temporary living expenses
- Must call for rate quote
Who's this for? While rates for NFIP policies are set nationally, Amica is highly rated for customer service. You can file claims, get policy info and pay your premiums on the easy-to-use Amica mobile app.
Standout benefits: Amica's bundling discount allows you to save if you combine flood coverage with auto, life, umbrella or other insurance.
Best for Florida residents: Kin
Kin Flood Insurance
Policy highlights
Add-on to homeowners policy that covers additional living expenses. No waiting period in Florida.
Maximum coverage
Equal to homeowners policy's dwelling limit and personal property limit
Availability
Kin flood insurance is available in Florida and Louisiana
Pros
- Coverage available for seasonal homes
- Loss of use coverage is included
- Offers coverage beyond the NFIP's limits
- No waiting period in Florida
Cons
- Only available in Louisiana and Florida
- High complaint index with the National Association of Insurance Commissioners
- Doesn't offer NFIP coverage
Who's this for? Kin offers homeowners policies in eight disaster-prone states — including Florida, where residents can purchase the company's flood insurance as an add-on with a single deductible. Not only does that save time and money, but Kin doesn't have a waiting period in Florida.
Standout benefits: Kin offers replacement cost value policies, so you can be paid enough to buy a brand-new item. And unlike some carriers, it issues flood policies for vacation homes.
Best for low rates: Aon Edge
Aon Edge Flood Insurance
Policy highlights
Choose between the EZ Flood plan and the more robust Excess Flood plan, with useful add-ons like coverage for food spoilage and additional living expenses.
Maximum coverage
EZ Flood: $1.25 million in dwelling coverage, $875,000 in contents coverage
Excess Flood: $5 million for any combination of dwelling and contents coverageAvailability
Available nationwide except in Alaska, Hawaii, Kentucky and Washington, D.C.
Pros
- Available everywhere except for Alaska, Hawaii, Kentucky and D.C.
- Four deductible options, ranging from $1,000 to $10,000
- Elevation certificates not required
Cons
- Excess Flood coverage not available for condos
- Customer service not available on nights or weekends
Who's this for? With average rates 40% below NFIP policies, Aon Edge is a great choice for affordable coverage.
Standout benefits: Aon Edge's EZ Flood policy provides up to $1.25 million of building coverage and $875,000 in contents coverage, while the Excess Flood plan offers up to $5 million for any combination of real and personal property. Aon also offers useful add-ons like additional living expenses coverage and reimbursement for food spoilage.
Best for pool coverage: Neptune
Neptune Flood Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Dwelling coverage: $4 million, contents coverage: $500,000
App available
No
Policy highlights
Neptune has relatively high limits for dwelling and contents coverage and covers basement contents, unattached structures and pool repair/refill. There is also temporary living expenses coverage if you need to relocate.
Pros
- Available nationwide except in Alaska
- Higher-than-average coverage limits
- Covers basement contents, unattached structures and pool repair/refill
Cons
- 10-day waiting period unless during closing
- Separate deductibles for home and personal property claims
Who's this for? Neptune offers up to $10,000 for swimming pool refilliing and repair and up to $50,000 for garages, driveways, fences or other unattached structures damaged by flooding,. There is also optional coverage to replace or repair damaged basement contents, up to $10,000.
Standout benefits: Neptune coverage begins within 10 days, with no waiting period on closings or for rollovers from another flood policy.
Best for contents coverage: Beyond Floods
Beyond Floods Insurance
Policy highlights
Policies underwritten by National General, with coverage for pool repair, debris removal, temporary living expenses and flood mitigation efforts.
Maximum coverage
Dwelling coverage: $1.5 million, contents coverage: $750,000
Availability
Available in 30 states
Pros
- Generous dwelling and contents coverage limits
- Add-ons to cover swimming pool repair/refill
- No waiting period in Florida or New Jersey
Cons
- Not available nationwide
Who's this for? Beyond Floods offers up to $750,000 in contents coverage, three times the amount offered by NFIP policies and the highest of the private companies we've reviewed.
Standout benefits: Beyond Floods has flexible payment plans, so you don't have to pay your premium in full upfront. In addition, there's no waiting period for coverage to start if you're closing on your home or live in Florida or New Jersey.
Best for customization: Wright Flood
Wright Flood Insurance
Policy highlights
Wright Flood offers both NFIP coverage and the FocusFlood private program with replacement cost coverage and limits up to $5 million in dwelling coverage
Maximum coverage
FocusFlood offers coverage up to $5 million
Availability
NFIP coverage available nationwide; FocusFlood available in 19 states.
Pros
- Single deductible for dwelling and contents coverage
- Coverage up to $5 million
- FocusFlood includes replacement cost coverage
Cons
- FocusFlood is not available nationwide
- 7-day waiting period for non-loan closings
Who's this for? Wright Flood offers both NFIP flood insurance and a private policy called FocusFlood, with dwelling coverage limits up to $5 million.
Standout benefits: All Wright Flood policies include replacement cost coverage for dwelling and personal property, something most insurers charge extra for.
Best for high-value homes: Chubb
Chubb Flood Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
$15 million combined dwelling and contents coverage
App available
No
Policy highlights
Chubb specializes in policies for high-value homes, with high limits for art, jewelry and other expensive items. If a flood warning is issued, you can get reimbursed up to $5,000 for moving your valuables and safeguarding your home.
Pros
- Up to $15 million in total property coverage
- Up to $5,000 to cover the cost of sandbags if a flood warning is issued
- Up to $250,000 for debris removal
- One deductible for flood and homeowner claims
Cons
- Flood insurance not available in all 50 states
Who's this for? Chubb's homeowners insurance is our top choice for high-priced homes and its flood insurance is equally generous. Policyholders can get up to $15 million in combined home and contents coverage, well above the competition.
Standout benefits: Chubb automatically covers basement items and offers high limits for valuables. Policyholders can get up to $5,000 to flood-proof their homes or move belongings if a flood warning is issued.
Does homeowners insurance cover flooding?
Damage from water that originates inside your home, like from a burst pipe, is typically covered by homeowners insurance.
When the source is from outside the house, it's more complicated: Water coming into your home from the top down — like a steady drip caused by rain — may be covered. But if that same rain causes a storm surge that fills your basement with two feet of water, you'd need flood insurance or have flooding added as a named peril in a rider to be covered.
Flood insurance from the National Flood Insurance Program (NFIP) is underwritten by FEMA to allow homeowners who might otherwise be rejected to get a policy. While NFIP plans are sold by a variety of private insurers, like Amica, Farmers and Nationwide, the rates are set nationally.
NFIP policies cap dwelling coverage at $250,000 and personal property coverage at $100,000. They don't cover personal belongings in a basement or outside structures — like decks, fences, swimming pools or septic systems — and they don't reimburse for living expenses if you need to relocate while your home is repaired.
Because it's not tied to FEMA, private flood insurance has higher coverage limits, typically at least $500,000 for dwelling coverage. Chubb's flood policies go as high as $15 million for combined dwelling and contents.
Private plans also offer more comprehensive protections, including coverage for personal property, basements, pools and external structures. They typically cover hotel rooms, food and other expenses if you need to relocate, and are more likely to cover the cost of removing debris caused by flooding.
Because they're not government-backed, however, private companies can decline to cover a high-risk property.
How much does flood insurance cost?
The average NFIP flood insurance costs about $786 a year, according to the Federal Emergency Management Agency (FEMA). The cost of private flood insurance varies greatly, however, and can be more or less than an NFIP policy.
In either case, your premiums depend on the location and flooding risk of your home, the building materials and the number of floors, as well as the type of policy and the deductible amount you select.
Do I need flood insurance?
Mortgage lenders often require homebuyers to take out flood insurance if they live near a FEMA-designated floodplain. Usually, the policy only needs to cover the building, though you can add coverage for your personal belongings.
Even if it's not required, flood insurance can be a wise investment: Some 90% of natural disasters in the U.S. involve flooding, according to NFIP data, and over 40% of claims come from areas that aren’t designated high-risk flood zones.
Flood insurance FAQs
Does homeowners insurance cover floods?
While a homeowners policy typically covers water damage from burst pipes, it won't cover flood damage. You'll need to purchase a separate flood insurance policy, through either the NFIP or a private flood insurance carrier.
How much does flood insurance cost?
NFIP flood insurance policies average about $786 per year, although rates vary greatly by state and property.
Can renters get flood insurance?
Renters can buy an NFIP policy to cover contents up to $100,000. If you rent in a low-to-moderate risk area, you may be eligible for a Preferred Risk Policy, which has the lowest rates offered by the program. According to FEMA, a quarter of NFIP flood claims occur in low-to-moderate risk areas.
Who underwrites flood insurance from the National Flood Insurance Program?
The Federal Emergency Management Agency (FEMA) underwrites NFIP policies.
What if I can't get covered for flood insurance?
Not everyone is eligible for private flood insurance. NFIP flood insurance, however, is available to any homeowner, renter or business owner who lives in a community that follows FEMA guidelines for reducing flood risk.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every flood insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To determine the best flood insurance companies, we considered policy types, availability and coverage limits for dwellings and contents. We also reviewed customer service data from J.D. Power, the Better Business Bureau and the National Association of Insurance Commissioners, as well as financial strength scores from A.M. Best.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
After reviewing the above features, we sorted our recommendations by:
- Best NFIP flood insurance: Amica
- Best for Florida residents: Kin
- Best for low rates: Aon Edge
- Best for pools and basements: Neptune
- Best for contents coverage: Beyond Floods
- Best for customization: Wright Flood
- Best for high-value homes: Chubb
Rates and coverage options cited may fluctuate with company policies.
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