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​ Flood Insurance — The Highs & Lows

Posted By Staff reporter, Tuesday, May 14, 2019


 

Most of the homeowners in this country have homeowners insurance. That figure sits at about 91%. Not bad. But as we all know, homeowners does not cover flood damages. Only flood insurance can do that and ValuePenguin says just 7% of us have flood insurance.

 

That’s not a very high figure.

 

What makes the number even more ironic, 75% of the respondents say they think intense weather events like hurricanes are growing. An equally staggering 40% say they have been impacted by a weather event that forced them to evacuate or that caused damage to their dwelling.

 

Yet just 7% have flood insurance.

 

The National Flood Insurance Program’s (NFIP) average rate — says ValuePenguin — is $699 per year. However, after surveying the entire country, there are huge differences in the cost of premiums from state to state.

 

Oddly, Florida — one of the hardest hit flooding states — pays the least amount per year at $550. That’s 21% below the national average. Florida has the second highest number of those covered at 35.5%. Louisiana — another high flood state — has the highest number of flood coverage at 43.5%.

 

Here are the top 10 states for coverage:

 

1. Louisiana — 43.5% are covered — premium: $664 — 5% below average cost — pays the 5th least amount for insurance

2. Florida — 35.5% are covered — premium: $550 — 21% below average cost — pays the least amount for insurance

3. Hawaii — 22.8% are covered — premium: $673 — 4% below average cost — pays the 8th least amount for insurance

4. South Carolina — 15.5% are covered —premium: $672 — 4% below average cost — pays the 3rd least amount for insurance

5. New Jersey — 11.1% are covered — premium: $961 — 37% ABOVE average cost — pays the 33rd least amount for insurance

 

The rest of the top 10:

 

6. Delaware

7. Texas

8. Mississippi

9. Rhode Island

10. North Dakota

 

The PIA Western Alliance states:

 

19. California — 3.5% — $806 — 15% ABOVE the average cost — pays the 15th least amount for insurance

20. Oregon — 3.0% — $889 — 27% ABOVE the average cost — pays the 28th least amount for insurance

22. New Mexico — $843 — 21% ABOVE the average cost — pays the 21st least amount for insurance

25. Washington — $901 — 29% ABOVE the average cost — pays the 30th least amount for insurance

26. Nevada — $721 — 3% ABOVE the average cost — pays the 14th least amount for insurance

28. Arizona — $666 — 5% BELOW the average cost — pays the 6th least amount for insurance

31. Idaho — $746 — 7% ABOVE the average cost — pays the 18th least amount for insurance

33. Montana — $704 — 1% ABOVE the average cost — pays the 13th least amount for insurance

39. Alaska — $902 — 29% ABOVE the national cost — pays the 31st least amount of insurance

 

Source links: MPA, Insurance Business America

Tags:  ​Flood Insurance — The Highs & Lows 

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