How to Protect Your Home From a Flood
The flood insurance policy is kind of insurance for property that will protect your home and its contents if they get damaged or destroyed as a result of flooding caused by excessive storm surges, rain and obstructions to storm drain systems or the failure of a levee dam. Although not all homeowners require the flood protection, this can be a good choice to invest in no matter where you reside. According to the Federal Emergency Management Agency FEMA 25 percent of homeowners who submitted a flood damage claim are not even in an area that is considered to be a flood zone.
Homeowners can purchase their insurance through the National Flood Insurance Program NFIP or private insurance providers. Structure of NFIP policies is determined in the hands of government officials, leaving no room for personalization but thanks to private flood insurance companies homeowners can obtain an individualized policy with the right price that is more reflective of the flood risk particular to their property.
We conducted a thorough research and analyzed 7 flood insurance providers based on their plan options, pricing and coverage, as well as the customer experience. Here are the top seven companies to meet your specific requirements.
The 7 Best Flood Insurance Companies of 2022
- Best Overall: GEICO
- Best Commercial Flood Insurance: The Flood Insurance Agency
- Best Online Option: Assurant
- Best for Customer Service: Flood Simple Insurance Services
- Best for Veterans: USAA
- Best for Comprehensive Coverage: Neptune
- Best Affordable Option: Better Flood Insurance
1. GEICO
With its remarkable financial strength to back its claims, high client satisfaction ratings, as well as online quotes and access to policy tools, GEICO sits at the top of the list as the most reliable flood insurance provider all-around.
Pros and Cons
Pros
- Online quote calculator
- Claims can be filed through phone
- Discounts if combined with auto or homeowner’s insurance
- A mobile app where users can get a quote
Cons
- Uses third-party companies to underwrite policies
- A limited number of discounted offers
- Cost depends on the exact partner company they cooperate with
Thanks to its solid financial strength and customer experience reputation, GEICO has topped other flood insurance companies as our overall best.
GEICO was founded in it’s time of the Great Depression of 1936 to provide insurance to military and government personnel. In actual fact its full name was Government Employees Insurance Company. Since 1996, it’s been an indirect owned, wholly-owned company that is part of Berkshire Hathaway, Fortune magazine’s most popular insurance provider for property and casualty. GEICO has the AM Best rating of ASuperior ++ and an AA+ rating of Standard & Poor’s, and an Aa1 rating from Moody’s.
GEICO employs local agents to promote their services and ensure that customers get the benefit of having local expertise on their side. You can obtain an online quote for the cost of flood insurance, or call to chat with a live agent. If you want to report a claim to an agent live on behalf of the number of your GEICO partner carrier’s office.
In writing policies across the nation, the most common cost for a single family primary residence with an insurance policy of $100,000 for building flood insurance, with $40,000 of content insurance is $439 annually. Covering only the contents of your home from flooding damage of up to $100,000 would cost $346 each year.
The cost of insurance will differ depending on whether you reside within the house all year, or just a portion of the time and whether you lease the property to other people or you’re insuring commercial properties. The coverage offered by GEICO does not cover carpet or personal belongings kept within the basement. If your house is entirely or partly situated above water, you will not be eligible for a policy from the company. For instance, if you are living in a house on stilts, or pilings over the waters of the ocean, river, or even a lake or a lake, it will not be eligible for GEICO’s flood insurance.
Read also: What is Car Insurance? Benefits Auto Insurance
2. The Flood Insurance Agency
The Flood Insurance Agency’s (TFIA) transparency makes it best for commercial flood insurance. You can see what they do and do not cover, estimate your costs with a robust online calculator, and tailor your coverage beyond the NFIP’s limitations, getting equal or better coverage for less money.
Pros and Cons
Pros
- Coverage nationwide except in Kentucky and New York
- Online estimate calculator
- More coverage than NFIP provides for less money
- Rate-lock programs available
Cons
- Not available for properties located in Coastal Barrier Resource Act (CBRA) areas, non-participating FEMA communities, mobile homes, or condominium units
- Does not cover properties that have experienced more than one flood loss within the past five years
- Does not cover property designated by FEMA as a Severe Repetitive Loss property
With TFIA You can cover your commercial structure as well as its contents against flooding using an online calculator that guarantees the same amount of protection, or frequently more, than the NFIP policy provides, but at a at a lower cost. Flood Insurance Agency Flood Insurance Agency is the program administrator for Lexington Insurance, a member of AIG.
Since its inception in 2013 The company has written more than $4 billion in flood insurance premiums for private companies. TFIA Benefits from AIG’s financial security, as well as it has an A+ S&P rating as well as A Rating by AM Best. TFIA is a Flood Insurance Agency insures commercial structures and residential investment properties, such as apartments that lenders and investors consider “commercial,” and personal residences.
Commercial property owners who own apartment buildings consider TFIA the perfect choice since they can tailor their protection for the building and allow renters to carry the contents of the apartment coverage. You can request an estimate online or dial the toll-free number for immediate assistance. Customers have rated their experiences with TFIA agents high. If you’ve purchased an insurance policy, you are able to pay your renewalbill, request an endorsement to your policy, or request cancellation of your policy online.
It is not possible to submit a claim on the internet, but there’s a page that explains how to submit a claim through email and phone as well as other resources as well as clear, step-by-step instructions to guide you through the difficult flood situation. TFIA offers policies across the country, with the exception of within Kentucky in Kentucky and New York. We provided a quote for a commercial building in a medium city that has a flood zone rating of 5 million for the replacement cost of the building as well as $500,000 for replacement costs for the contents, a $10,000 deductible and a one-year cost.
The estimate was $31,896 each year. The factors that affect the cost of commercial flood insurance through TFIA are the location of the building as well as the type of foundation and the cost to replace the building and its contents and the amount of insurance and deductible you select as well as the type of premium, you’d like that is a one-year price or a rate lock or a pre-paid multi-year premium.
There are some situations that TFIA cannot provide coverage for. If your property is located in an area that is a Coastal Barrier Resource Act CBRA or is not a participant in a FEMA community, it will not be eligible. If the structure has been subject to more than one flood within the last five years, or was classified as such by FEMA to be a severe Repeated Damage Property, TFIA will not be able to offer flood insurance.
3. Assurant
Assurant offers online services into the future by providing the ability to make claims online. Additionally, you can pay for your renewal, review policy information or select an option to pay in advance. For these excellent internet-based services, we picked Assurant as the best flood insurance company to use online services.
Pros and Cons
Pros
- Over 100 years of experience
- Online portal to file a claim
- Underwrites for other admired flood insurance companies like GEICO
- Choose online or telephone service
Cons
- Higher number of customer complaints
- Higher policy costs
- Slow claim service response time
In each year’s cycle, more and more customers prefer the convenience of shopping online and the convenience of customer service. Insurance companies have no problem with this. Assurant takes into consideration these needs and designs their products with an online presence, which is the reason why we selected Assurant as the top choice option if you want a mostly online experience. Assurant Insurance is one of the oldest insurance firms.
It was founded in 1892, beginning with disability insurance before slowly expanding its offerings to include homeowners, flood rental, casualty and insurance for device protection. The company is rated with an A + rating from AM Best. Claimants can file claims via the internet or over the telephone. Assurant offers online service with local independent insurance brokers. If you’d prefer, and the most effective tool for customers is its online platform that is accessible 24 hours a day.
Although you cannot obtain a quote online via their website, they do offer an easy contact form that allows you to request an agent to call you. Also, you can have your questions answered by their guides to help you and also view comparisons between the two companies to help make a decision. After you’ve purchased an insurance policy, you are able to take advantage of Assurant’s online services more than any other business for processing claims, paying and changing your policy.
Assurant provides a unique program known as Flex Cash. It’s an addition that allows up to $10,000 of cash, which is available prior to the processing of a claim for hotel and travel expenses in the event of your relocation.
4. Flood Simple Insurance Services
Flood Simple Insurance Services receives praise from clients for its ease of use, such as instant quote estimates online. This makes it our top choice for most efficient customer service.
Pros and Cons
Pros
- Highest consumer ratings on the web
- Instant quoting tool online
- Policies in 41 states
- The company’s stated purpose is to make buying flood insurance drastically easier
Cons
Nine states not eligible for policies
Flood Simple understands today’s consumer needs quick and efficient services, including online tools and resources to quickly get answers at any time. This insurance company meets that extremely well, with instant quotes and a quick search for a flood zone on your home. The customers have responded with most favorable online reviews, which makes it the top choice for customer support.
Based at Denver, Colorado, since 2013 and supported with Lloyd’s of London, Flood Simple Insurance Services offers excellent customer service and financial robustness. They provide flood insurance to commercial structures and homeowners’ flood insurance for and renter-occupied homes, condos townhouses, duplexes and triplexes.
The firm is the best choice for those who own these kinds of homes because they can provide estimates promptly and could help you save even more when you add it to the homeowner’s insurance policy. Commercial properties are the only ones that require you to speak with an agent. The residential properties can be estimated on the internet in less than five minutes. In reality, you can obtain an instant quote in just five minutes.
When you purchase an insurance policy, the bulk of your interactions with them will be via email or phone. There isn’t any account management online. Based on customer reviews the process of filing a claim is straightforward. You can contact your service rep to begin the process. They guide all the steps, explaining the type of photos to send as well as how to track the damage, and much more.
Flood Simple writes policies in 41 states. In a low-to moderate-risk flood zone that has 100 percent coverage the flood insurance policy will cost between $360 and $400 per year. Other variables that affect the cost of your insurance include the address of the building as well as the foundation type, size, property type, and usage, as well as how long the building has been flooded before. Flood Simple is not a policy with any exclusions or inclusions aside from the fact that it does not require the elevation certification. Flood Simple uses computer-generated scoring and underwriters that evaluate each property on its own.
5. USAA
USAA offers flooding insurance via the NFIP and its broker network to provide additional coverage. This means that the flood policy options offered by USAA will adjust to your requirements. The flexibility of policies and the ample reimbursements to members makes USAA the top flood insurance provider for veterans.
Pros and Cons
Pros
- A mobile app for easy access
- Available in all states
- Specialized veteran insurance
- Customer service is highly rated by its long-term membership
Cons
- No local agent option available
- Available only for U.S. service members, veterans, and family members
USAA offers a range of insurance products specifically tailored to military personnel of any rank, as well as their families, and also shares the discounts on claims with members in order to win our vote as the top flood insurance company for active-duty military, veterans or their loved ones. An initial group of Army officers founded USAA to protect each other’s automobiles in 1924. It is a service provider in 50 states as well as Washington, D.C., and has around 34,000 employees as well as 12.8 million clients.
AM Best has given it an ASuperior rating. NFIP protects property and buildings up to $250,000, and personal property that is up to $100,000. If you need coverage that is greater than that of the NFIP limitations, USAA can arrange for additional coverage on your behalf. The company also offers insurance to condo owners as well as renters.
The company offers an on-line quote request form or you can begin the process by speaking to an agent via phone. USAA has a great reputation for customer support that is available 24 hours a days via email and phone following the purchase of your insurance. The company also has an app that lets you make a claim and access your account from a distance.The writing policies are available across the nation, and the typical annual cost for $250,000 of building insurance and $75,000 for contents coverage for a single-family residence is between $2,000 and $3,000.
Variables that could influence your cost include the location, flood zone and the size of the house as well as whether it is situated above water and the kind of basement or foundation. With USAA you can receive an online estimate for a one-to-four family residence that has not suffered a loss due to flooding. If you are outside of these parameters, you must call USAA to speak with an expert on floods.
6. Neptune
Neptune can customize your policy to protect the most assets of you than other insurance company which makes it the top choice for coverage that is comprehensive.
Pros and Cons
Pros
- Online residential quote tool
- Available in all states except Kentucky and Alaska.
- Covers assets that other insurers won’t
Cons
Professes to be a tech innovator yet requires phone contact to file a claim
NFIP along with other privately owned flood insurance firms won’t provide the extensive list of assets as Neptune will, which makes Neptune the largest flood insurance provider. With Neptune you are able to customize your policy to cover costs for replacement and living expenses for temporary duration including basement contents, repair of pools or refill, structures detached such as garages, as well as business interruption payment. Neptune was created in 2016, combining the latest technology, mathematical algorithms and insurance-related knowledge.
Their policies all are backed by the AM Best rating of A. They offer commercial and residential flood insurance. Their ideal client is one who has other activities to pursue than spending many hours with their insurance representative. They take pride in serving clients who are looking for convenience and self-help to help them save time. Neptune offers online residential quoting however, you have the option of talking with an agent, or email. Commercial quoting is done through a phone call or with an agent. Once you have purchased an insurance policy, you will be able to pay through your portal for customers.
For questions, policy modifications and endorsements, cancellations or changes, Neptune wants you to contact them. You can file claims by calling writing to the company or by contacting the nearest Neptune agent who created the policy. Neptune Claim Adjuster Neptune Claim Adjuster will contact you within 2 hours of reporting your claim. They’ll help you through the short claim procedure. Neptune does not require photos or elevation certificates as other firms do. Neptune writes commercial and residential policies throughout the nation but there are a few states that aren’t yet available, including Kentucky as well as Alaska. They also write commercial insurance policies across the country, with the exception of Kentucky in addition to Alaska. The price of a policy for residential use with $250,000 of coverage for building and $100,000 for contents coverage in a low-to moderate-risk zone is between $1,250 and $1,800 per year.
Construction, location, residence, building or basement type, the number of stories and whether you rent the house to someone else or are the landlord can all affect the policy price. The extensive list of policy coverages is what distinguishes it as the most extensive. The fact that you are able to protect your personal belongings in your basement or pool, as well as temporary costs for living, and even additional buildings that are located on your property are all noteworthy policy features which make Neptune stand apart from the rest.
7. Better Flood Insurance
Better Flood Insurance uses the leverage power to secure you the lowest rate for flood insurance. The company searches the insurer’s network on your behalf, thereby saving the time of searching to find the policy that will suit your specific needs. In the end, Better Flood Insurance can deliver the lowest cost flood insurance plans.
Pros and Cons
Pros
- Flood insurance is all they do
- Their shopping includes many Lloyd’s of London and other private flood insurance options
- High customer service ratings
- Instant flood insurance estimate and comparison tool online
Cons
- The online quote form is very thorough. If you don’t have the patience for it, you may find it off-putting
- Since they are shopping for you, they ask for things that some insurers wouldn’t request, such as an elevation certificate
If you employ an expert shopper such as Better Flood Insurance, they examine the policies to be sure you’re getting enough protection at the right cost. A lot of flood insurance policies written by generalists and this means that policies are usually overpriced and under-insured. Better Flood Insurance gets you the most affordable policy, and their knowledge has helped them become the best in their field and makes them the most price-effective option in our study. Better Flood Insurance has three strategically located offices that can assist you regardless of the time zone you are in.
Their team is located across Florida, Colorado, and California for those who want to speak with them instead of contact them via their website. Verified review sites have plenty of five-star reviews and reviews for you to peruse before deciding to reach them. The companies they review for you are backed by the same high financial rating that our other winners enjoy as well as the support by Lloyd’s of London in many instances.
Better Flood is the best choice for those looking to ensure that they do not get a poor bargain and prefer to let experts search for the best deals. The customers pay nothing out of their pocket for Better Flood’s service. This online process for requesting a quote is comparable to other methods where you fill out an online form that describes your home as well as the levels of coverage you’d like to have.
Better Flood then takes your intake form and submits for it with their insurers’ network. You can also obtain an instant online estimate near the lower part of their homepage. Since you don’t have an insurance coverage that is with Better Flood, you won’t make a claim also. The relationship you have with them will end after they’ve gotten you a policy. However, you’re able to return to them to look for a new policy in case you think the cost of insurance is increasing far too high.
For coverage of $250,000, Better Flood will find you a policy across the country which costs between $900 and $1,000 annually, which will save you between $500 and $600 in comparison to the price of an NFIP policy. Some of the factors that impact the price include the amount of coverage, the place of residence, foundation, and type of building as well as flood zone designations, number of floors, if garages exist or not, the age of the house and the type of occupancy.
What Is Flood Insurance?
Flood insurance protects against the damage that is caused by long or heavy rain melting snow storm surges in coastal areas or blocked storm drainage systems or levee dams failing. Certain policies only cover structures of the building as well as the interior of the house, like electrical installations such as heating and cooling systems appliances, and so on.
The NFIP does not cover temporary housing or other living expenses that are incurred during the time the building is being fixed or not able to be used. Properties outside of an insured building’s landscaping such as wells, septic systems as well as patios and decks, fences, seawalls and hot tubs and swimming pools aren’t covered as well.
Financial losses resulting from interruptions to business operations are not generally included in the NFIP neither are losses incurred by precious metals, currency, stock certificates and other precious papers, vehicles, the majority of self-propelled automobiles, their components, as well as personal property that is kept in basements. Private insurance providers stand out as they cover certain items that NFIP doesn’t.
What’s the Difference Between Private Flood Insurance and NFIP?
The federal government is the one who regulates the policies of NFIP. Although NFIP was the most popular flood insurance over the years but with the advent of private flood insurers it has become more competitive. Private flood insurance providers are separate and operate their own reinsurance plans.
They aren’t bound by the rules established by FEMA for policies written by the NFIP. Since they have a direct stake in the claim Private insurance companies evaluate every property on its own and calculate rates that reflect the flood danger more precisely for every property. This helps customers discover flood insurance policies that offer the most competitive rate for their particular situation.
Who Should Get Flood Insurance?
Although flood insurance is generally advised for those living in areas that are at the risk of flooding However, that doesn’t mean homeowners in other areas shouldn’t have the same coverage. According to the Federal Emergency Management Agency, more than 25 percent of flood claims originate from properties that aren’t in high flood zones.
In addition, it takes only just a few inches for floodwater to accumulate inside your house for it to result in an estimated 35,000 dollars in damages. If you reside in an area that is susceptible to the effects of a hurricane, storm long-lasting snowfall or rain and coastal storm surge or other conditions that increase the likelihood of flooding, insurance for floods is an absolute necessity. But if you live in an area of low risk, with none of the precipitation, snowfalls or other circumstances which increase the chance of flooding, purchasing flood insurance isn’t necessary for you.
How We Chose the Best Flood Insurance Companies
To identify the top flood insurance companies. We analyzed 16 companies to find the best choices in seven categories. The first step was to look at the history of the company as well as ratings for customer service and financials and reputation overall.
We looked into the kinds flooding insurance policies they have and the scenarios in which they could be a suitable choice. Online quotes and claims processing were great but they needed to be balanced by the ability to connect to for a live representative. We strongly favored firms that offer policies across the country.
Companies that scored well in our price comparisons climbed to the top as well. In addition, we highlighted any notable additions or deletions that differed from other carriers.