Flood insurance is a smart way to financially protect your home from unexpected water damage. Before purchasing a flood insurance plan, it is important to be familiar with what the average price of a plan might be.
An average flood insurance policy will cost around $700 annually. This amount varies based on your coverage amount as well as how much you want to have covered. For example, coverage between $8,000 and $20,000 can cost $48 monthly to insure contents or $146 monthly to insure both contents and the building.
While the average annual insurance plan is $700 (about $58 monthly), high insurance plans can require as high as $474 monthly. The price is raised through not only insuring the building as well as contents but also by the inclusion of basements in the property. Basements are at higher risk of flooding damage and will raise the price of your flood insurance. Additionally, if your home is within an area listed as being at high risk of floods, your flood insurance may come at a higher cost.
A broader look at residential flood insurance costs can be found on the FloodSmart website. The site also provides more information about the National Flood Insurance Program which is intended to provide U.S. citizens with affordable flood insurance plans.