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Flood insurance rates in Indiana

Does my Indiana homeowner insurance cover flooding?

A typical Indiana homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

Do I need flood insurance in Indiana?

It is important to have flood insurance coverage in Indiana because our beloved Cowboy State has seen a fair share of flooding, and more is likely coming.

We believe that most homeowners think about Flood insurance in Indiana at some point, maybe before buying a home or during the closing process.  However, many of us only think about it when a big storm looms, or we have heard on the news that there is flooding forecasted or happening too close to our home.

If your home or business is in a flood zone, that is considered a low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.

FEMA Flood Maps Indiana

I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas.  Eighty percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage.

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.

We often hear that people believe the government will help, which is true.  However, a few things must align for you to get government assistance.

1 – The president of the United States must declare the flooding event a state of emergency.  If this doesn’t happen, then there won’t be assistance.

2 – Homeowners get average assistance after a flood when they do not have flood coverage is $5,000.  The average cost of damage to one’s property after a flood is $38,000+.  That $5K you get from the government?  It comes as a loan, and you will need to pay it back.  Are you willing to gamble on your financial future by forgoing flood insurance coverage?

One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.

Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Indiana, and you should consider getting flood coverage, so you are not uninsured when you need it most.

FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.

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The average cost for Indiana flood insurance in these Low-risk areas is $595 per year.

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Indiana flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.

How much is flood insurance in Indiana?

Indiana NFIP flood insurance

There are many options available in Indiana regarding flood insurance, but they fall into two main categories.

The government flood insurance option also called NFIP or FEMA

The Private flood insurance market.

The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance.  The NFIP has enjoyed a 50-state monopoly on the flood insurance market.

Not “private flood insurance” but NFIP Resellers

Suppose you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below. In that case, you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

Indiana private flood insurance market

 

There are alternatives to NFIP or government insurance.  It is called Private flood insurance, most notably Lloyds of London Flood insurance. However, there are other options available in Indiana. We shop all the options for your property in your region to ensure you are getting the best premium.  Please click here if you are ready to have us do the work for you.

Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.

Indiana flood insurance quote

Lloyd’s of London Flood Insurance Indiana Market 

Indiana is fortunate to have many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.

Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company but a corporate body.  This structure works well since it has been around for over 330 years. Lloyd’s operates under multiple financial backers pooling their capital to spread the risk.

I have two blog posts that deep dive into Lloyd’s of London and what they mean to Indiana’s flood insurance market.  If you are interested, the links are below.

Lloyd’s of London Flood Insurance

FEMA vs. Private flood insurance

Lloyd’s also ensures the world for flood insurance, meaning they cover flooding events in India, Australia, and much of Europe.  The “game” of insurance is to spread your risk since Lloyds is worldwide.

My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.

How much does flood insurance cost in Indiana?

Many factors go into getting the cost of flood insurance for Indiana. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.

Indiana flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.

This is usually identified as an X-flood zone.  Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below):

Here is a link if you want to dig into this one. Be ready for an eye chart because every option is a public record and should be standardized to accost whoever writes these policies.

The average cost for flood insurance in Indiana with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.

Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Indiana depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in Indiana with a basement foundation.

We will look at the Indiana cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating this example on the NFIP and a few of our private flood insurance policies, specifically Lloyds flood insurance options in Indiana.

Cost of Flood Insurance in INDIANA in high-risk flood zone AE

Our example is in Indianapolis, but the premiums will be the same in Evansville, Vigo, Kosciusko, Carmel, and many other Indiana flood zones.

In our example, the Base Flood Elevation (BFE is 738) and is a home that is built before 1973

NFIP option in Indiana Flood Zone AE

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $3,678.00

This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.

Indiana Private flood insurance – Lloyd’s of London Flood Insurance (option 1)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyd’s of London (option 1) Annual premium in High-Risk flood zone is $808.73

This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They offer basements coverage, about $2,000 for loss of use and $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

Indiana Private flood insurance – Lloyd’s of London Flood Insurance (option 2)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyd’s of London (option 2)  Annual premium in High-Risk flood zone is $946.28

This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks; however, they do not write any property in a designated floodway or has a depth of -4 under the BFE.  In our example, with our BFE being 738, they will not accept this risk if the lowest floor is 734.  They will not take anything that has had a flood loss. They offer limited basements coverage and do not require an Elevation Certificate to rate as a percentage of coverage for loss of use. If you want coverage for other structures, that will need to be added.

Private Flood insurance option (option 3) Not Lloyd’s

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

The annual premium in a High-Risk flood zone is $3,311.00

This option will take properties with one flood loss for more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.

Private Flood Insurance –  Lloyd’s of London (option 4)

This option must be written on the building’s Replacement Cost Value (RCV). Otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option

Coverage of $250,000 (RCV) building coverage, No Contents, and a $5,000 deductible

The annual premium in a High-Risk flood zone is $1,027.23.

This options rating system is all over the board.  Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, slightly different from some of our other Lloyd’s flood options.  We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premium. As mentioned before, these underwriters’ rates are all over the board.  It is worth shopping to ensure we get you the best premium possible. They don’t need an elevation certificate to rate.

Private Flood Insurance –  Lloyd’s of London (option 5)

Coverage of $250,000 (RCV) building coverage, No Contents ,and a $5,000 deductible.

The annual premium in a High-Risk flood zone is $1,682.30

This option came from the company running the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses covering your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer a unique swimming pool clean-out, so if you have a pool, ask for this coverage.

Private Flood Insurance –  Lloyd’s of London (option 6)

Coverage of $250,000 (RCV) building coverage. No Contents and a $5,000 deductible.

The annual premium in a High-Risk flood zone is $904.05

This options rating system is also all over the board. Sometimes we get a crazy low price; other times, the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non-renew the following years, or sometimes they jack the price way up so that we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also sometimes seems to be a glitch.

More options are coming online every day, and we are working to be looking into every viable option.

Indiana has 22,138 NFIP policies in force, with a total cost of $22,122,449.  That would make the average for Indiana $999. Of course, some will pay more, and some will pay less.

Click here to have our shop and save you money.

Hello, Indiana!  Thanks for visiting our page for all your flood insurance needs.

Let’s start with Decatur and Allen, Indiana.  These two areas combined have 232 active flood policies with $175,343 in written premiums.  The average flood rate for these areas is $756.

Fort Wayne, Indiana, has an average flood rate of $1,460.  Fort Wayne has 701 active flood policies with $1,023,720 in total premiums.

When we look at Bartholomew, Indiana, we find 269 active flood policies and $255,657 in flood premiums.  This allows the average flood rate for Bartholomew to be $950.

Three hundred sixty-four flood policies are in effect in Columbus, Indiana.  Columbus has an average flood rate of $1,038, including $377,972 in total premiums.

The premiums in Lebanon, Indiana, add up to $172,564.  The active policies total up to 151, allowing the average flood rate to be $1,143.

$875 is the average flood rate for Edinburgh and Zionsville, Indiana.  These two areas have 118 flood policies and $103,271 in total premiums.

Let’s check out Brown County, Indiana.  Here, we have 116 active flood policies and $83,990 in premiums. The average flood rate for Brown County is $724.

Carroll, Indiana’s average flood rate is slightly higher, coming in at $937.  Carroll has $246,463 in total premiums and 263 total policies.

Looking at Cass and Logansport, Indiana, we see 129 policies in effect and $86,753 in written policies.  The average flood rate for Cass and Logansport is $673.

Two hundred nineteen flood policies are in effect in Clark and Clarksville, Indiana.  The premiums for these areas total $199,871, which allows the average flood rate to be $913.

There are 613 active flood policies and $656,370 in total premiums in Jeffersonville, Indiana.  Jeffersonville’s average flood rate is $1,071.

The average flood rate in Sellersburg and Utica, Indiana, is $1,397.  These two areas combined have 123 active policies and $171,880 in written premiums.

The average flood rate in Clinton and Auburn, Indiana, drops to $1,048.  Clinton and Auburn have 86 active flood policies and $90,141 in total flood premiums.

$107,797 is the flood premium total for Aurora and Dearborn, Indiana.  The average flood rate for these areas is $1,057, including 102 total flood policies in effect.

Delaware, Indiana, has 190 flood policies and $151,663 in total premiums.  The average flood rate for Delaware, Indiana, is $798.

When we look at Muncie, Indiana, we find 229 active flood policies and $177,621 in written flood premiums.  The average flood rate for Muncie is $776.

$1,017 is the average flood rate for Elkhart, Indiana.  The premiums in Elkhart total up to $398,709, including 392 active flood policies.

Let’s look at Goshen, Fayette, and Floyd, Indiana, where they have 189 flood policies in effect.  The average flood rate for these areas is $1,095, including $206,945 in written premiums.

New Albany, Indiana, has an average flood rate of $1,163.  The flood premiums in New Albany total up to $169,785.  New Albany has 146 flood policies in effect.

The average flood rate drops to $1,101 in Franklin and Marion, Indiana.  The comprehensive policies in Franklin and Marion are 111, with $122,177 in total premiums.

Carmel, Indiana, has 306 active flood policies and $257,423 in total premiums.  Carmel has an average flood rate of $841.

When we look at Fishers, Indiana, we see 140 active flood policies and $63,529 in total premiums.  The average flood rate in Fishers is $454.

The rate jumps slightly when we check out Hamilton, Indiana: $1,112 is their average.  There are 166 active flood policies and $184,645 in total flood premiums.

Thanks for stopping by Noblesville and Westfield, Indiana!  You have 169 active flood policies and $130,094 in total premiums.  The average flood rate for these areas is $770.

$1,105 is the average flood rate for Greenfield and Hancock, Indiana.  These two areas have 219 active flood policies and $241,910 in total premiums.

Hello Corydon, Indiana!  Your city used to be the capital of Indiana!  You all have 219 active flood policies and an average flood rate of $1,105.  The premiums in Corydon total up to $279,734!  Thanks for stopping by Corydon!

One hundred fifty-seven flood policies exist in Hendricks, Indiana.  The average flood rate in Hendricks is $647, which includes $101,558 in total premiums.

When we look at Plainfield, Indiana, we find an average flood rate of $634.  The flood policies in Plainfield total 116, which include $73,552 in flood premiums.

Check out Kokomo, Indiana, where the average flood rate is $1,252!  Kokomo has 229 flood policies in effect and $286,779 in written premiums.

Jackson, Medora, and Whiteland, Indiana, have 267 active flood policies and $235,024 in flood premiums.  This allows the average flood rate in Jackson, Medora, and Whiteland to be $880.

$1,187 is the average flood rate for Jasper, Jefferson, and Madison, Indiana.  These areas’ flood premiums add up to $225,573, including 190 flood policies.

In Franklin and Greenwood, Indiana, there are 202 active flood policies and $236,202 in total flood premiums.  The average flood rate for these areas is $1,169.

Johnson, Indiana, has 287 flood policies with an average flood rate of $833.  The premiums in Johnson add up to $239,028.

Seventy-nine flood policies are in effect in Knox, Indiana.  The premiums here total up to $82,769, allowing the average flood rate to be $1,048.

Hello Kosciusko, Indiana!  Thanks for stopping by our page!  You all have a few flood policies: 468 active policies with $428,780 in written premiums.  The average flood rate for Kosciusko is $916.

The flood premiums in Warsaw and Winona Lake, Indiana, add up to $156,073 with 158 active flood policies.  The average flood rate for Warsaw and Winona Lake is $988.

Let’s check on La Porte, Indiana!  La Porte has an average flood rate of $1,018 and $138,430 in total premiums.  La Porte has 136 flood policies in effect.

They are moving to Lagrange, Indiana, which has 224 active flood policies.  The premiums in Lagrange total up to $203,079, which allows the average flood rate to be $907.

Let’s check out Crown Point and Dyer, Indiana.  These two areas have 201 flood policies, with an average flood rate of $976.  The premiums here total up to $196,232.

The average flood rate in Gary and Griffith, Indiana, is $1,319 with 167 active flood policies.  The premiums in these areas are $220,314.

Hammond, Indiana, has a lower state flood average of $829.  The premiums in Hammond add up to $148,469 with 179 active flood policies.

When we look at Highland, Indiana’s average flood rate is even lower at $797.  There are 187 flood policies in effect with $148,993 in written premiums.

Lake County, Indiana’s average flood rate goes up to $1,086.  Lake has $225,831 in flood premiums and 208 active flood policies.

Merrillville, Indiana, has 139 active flood policies.  The average flood rate here is $1,000, which includes $138,996 in total premiums.

There are 214 active flood policies in Munster, Indiana.  Munster has $101,119 in total flood premiums, which makes the average flood rate very low at $473.

One hundred twenty-one flood policies are in effect in Schererville, Indiana.  The premiums total in Schererville is $110,614, which causes the average flood rate to be $914.

$81,266 is the premium total for Anderson, Indiana.  The average flood rate in Anderson, Indiana, is $616, including 132 flood policies.

Let’s check out Elwood and Madison, Indiana, which have an average flood rate of $827.  The total premiums add up to $119,141, with 144 active flood policies.

Hello, Indianapolis, Indiana!  You all have the most flood policies in the state, 4,073!  Your city boasts a variety of activities – whether we go to Banker’s Field House for a concert or a basketball game or check out Lucas Oil for a football game or hit up the zoo or the children’s museum, there is something for everyone!  With those 4,073 policies, the premiums total up to $4,744,624, which causes the average flood rate for Indy to be $1,165.

Moving on to Marshall and Miami County, Indiana, we find 104 total active flood policies and an average flood rate of $603.  The premiums for these two areas add up to $62,729.

Bloomington, Indiana!  Thanks for stopping by!  Home of Indiana University!  Bloomington and Monroe County have an average flood rate of $844.  The premiums here total up to $189,946, including 225 flood policies.

Next is Martinsville, Indiana, where the average flood rate is $780.  The total premiums in Martinsville are $99,000, which includes 127 active flood policies.

$738 is the average flood rate for Morgan and Newton County, Indiana.  There are 233 active flood policies with $171,932 in total premiums.

Two hundred eighteen flood policies are in effect in Noble County, Indiana.  Noble has an average flood rate of $771, with

New Harmony and Porter County, Indiana, have an average flood rate of $858.  This includes $120,949 in total premiums and 141 active flood policies.

When we look at Posey and Pulaski County, Indiana, we find 141 flood policies with $124,949 in total premiums.  The average flood rate for these areas is $886.

Let’s check out Shelby, Indiana.  Shelby has an average flood rate of $895.  The total number of active policies is 216, with $193,240 in written premiums.

Shelbyville and Spencer County, Indiana, have 114 flood policies and $139,679 in total premiums.  The average flood rate for Shelbyville and Spencer is $1,225.

$1,156 is the average flood rate for South Bend, Indiana.  South Bend has $122,582 in total premiums and 106 active flood policies.

The average flood rate for St. Joseph, Indiana, is $819.  The premiums here total up to $146,598, with 179 flood policies.

Look at Starke and Steuben, Indiana, where the average flood rate is $875.  The total number of active flood policies is 210, with $183,831 premiums.

Tippecanoe County, Indiana, has 181 active flood policies.  The average flood rate in Tippecanoe is $768, which includes $139,043 in written premiums.

Tipton, Indiana’s average flood rate is slightly higher at $922.  The number of flood policies in Tipton is 130, with $119,883 in total premiums.

Hello Evansville, Indiana!  Evansville is home to the second largest street fair in the United States – the Evansville West Side Nut Club Fall Festival!  Glad you stopped by Evansville.  Evansville has 895 active flood policies and an average flood rate of $928.  The flood premiums in Evansville total up to $830,590.  Thanks for stopping by Evansville!

Looking at Clinton and Terre Haute, Indiana, we find an average flood rate of $1,117.  Terre Haute is home to Indiana State University.  There are 138 active flood policies and $154,198 in total flood premiums.

Vigo, Indiana, has quite a few flood policies – 839!  The premiums in Vigo County, Indiana, add up to $758,038, allowing the average flood rate to be $904.

Next, let’s look at Warrick, Indiana.  Warrick County has 154 active flood policies and $118,847 in total premiums.  The average flood rate for Warrick County is $772.

Finally, let’s look at Wayne, White, and Whitley, Indiana, where the average flood rate is $896.  The policies for this area total up to 274 with $245,513 in written flood premiums.

Thanks for checking out all the flood information on Indiana!!

Flood Insurance calculator Indiana

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures yearly. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. A recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.

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