The average cost of flood insurance in Florida is $964 per year, which is about 6% higher than the national average, according to our analysis of NFIP data. But your own rates will depend on your home’s flood risk, its structure and elevation, whether your coverage is through the NFIP or a private company, and several other factors.
In cities throughout Florida, average flood insurance costs range anywhere from $194 per year to $3,877. Coastal cities like Miami have relatively low flood insurance rates, while Key West, Sanibel, and other places with more exposure see significantly higher rates.
Methodology and why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Generally speaking, your flood insurance rates will be higher if you live in a high-risk flood zone, or an area with at least a 1% chance of flooding during any given year.
You can check what flood zone your house is in by looking at FEMA’s flood maps. Any zone with an A or V is considered high risk, so if you live in one of those areas and have a mortgage on your house, you may be required to purchase flood insurance.
10 cheapest Florida cities for flood insurance
Here are the cheapest cities in Florida for flood insurance for towns that have at least 5,000 NFIP policyholders.
City | Average annual cost |
|---|---|
Sunny Isles Beach | $194 |
Aventura | $194 |
Daytona Beach Shores | $218 |
Hallandale Beach | $254 |
Panama City Beach | $318 |
Pompano Beach | $336 |
Tamarac | $373 |
Cocoa Beach | $401 |
Miami | $410 |
Boca Raton | $413 |
10 most expensive Florida cities for flood insurance
Here are the most expensive cities in Florida for flood insurance for towns that have at least 5,000 NFIP policyholders.
City | Average annual cost |
|---|---|
Key West | $1,505 |
Sanibel | $1,431 |
St. Pete Beach | $1,262 |
St. Petersburg | $1,015 |
Punta Gorda | $998 |
Sarasota | $967 |
Naples | $913 |
Tampa | $893 |
Cape Coral | $789 |
Clearwater | $744 |
Keep in mind that average flood insurance costs are for FEMA flood insurance policies only, and may not be indicative of what you’ll pay for private flood insurance. In fact, a study by Milliman found that 77% of single-family homes in Florida could see cheaper premiums with private flood insurance. To ensure you’re getting the best flood insurance at the most affordable rate, make sure to compare NFIP and private flood insurance options.
Our team of licensed insurance agents at Policygenius can help you compare flood policies and find the best option for you.
How do FEMA and the NFIP set flood insurance rates?
FEMA recently implemented the National Flood Insurance Program's (NFIP) pricing approach. Effective April 1, 2023, this approach uses industry best practices and cutting-edge technology to set flood insurance rates so they more appropriately reflect a property’s flood risk.
Most of these changes are designed to create a more equitable division of premiums across all policyholders. Here are some examples of the changes they made to improve flood insurance pricing:
NFIP’s pricing approach allows FEMA to set fairer rates and uses up-to-date actuarial principles based upon new technology.
FEMA is addressing rating disparities by using a wider variety of flood risk variables, including flood frequency, distance to a water source, elevation, cost to rebuild, and what type of flood you are likely to experience, including river overflow, storm surge, coastal erosion and heavy rainfall.
Some of the previous considerations for FEMA’s flood insurance rate stayed the same, like those listed below:
Most flood insurance rates cannot not increase more than 18% per year.
Discounts are still available for pre-FIRM subsidized and newly mapped properties.
Policyholders are allowed to transfer their discount by assigning their flood insurance policy to the new owner when selling their home.
Communities can continue earning National Flood Insurance Program rate discounts of 5% - 45% based on the Community Rating System classification.
