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Flood insurance Kentucky

Kentucky flood map

Does my Kentucky homeowner insurance cover flooding?

A typical Kentucky 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.

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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.

Flood Insurance Rate maps

Do I need flood insurance in Kentucky?

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

Flood nerd Broken heartWe believe that most homeowners think about Flood insurance in Kentucky 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 is looming, or we have heard on the news that there is flooding forecasted or happening currently too close to our home.

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

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.  In 80 percent of these individuals, they had water in their home or building and didn’t have flood insurance coverage.

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

We hear often that people believe that the government will help, and this is true.  However, there are a few things that 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.

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2 – The average amount of assistance that homeowners get 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 in the form of a loan and you will need to pay it back.  Are you willing to gamble away your financial future by forgoing flood insurance coverage?

https://www.bloomberg.com/graphics/2017-fema-faulty-flood-maps/

Kentucky Flood Map

Flooding in Kentucky

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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, then 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 for part of the risk. Our recent storms are facts that it can rain anywhere within Kentucky, and you should consider getting flood coverage, so you are not uninsured when you need it most.

Kentucky flood plain maps

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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” then it really is.

The average cost for Kentucky 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 Kentucky flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an areas flood risk can leave property owners under or uninsured.

 

How much is flood insurance in Kentucky?

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Kentucky NFIP flood insurance.

There are many options available in Kentucky regarding flood insurance, but they basically fall into two main categories. The government policy also called the NFIP or FEMA and the Private Flood insurance market

The National Flood Insurance Program (NFIP), also known as FEMA, which 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

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below then 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.

Progressive Flood Insurance
https://www.fema.gov/wyo_company
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Kentucky private flood insurance market

 

Llloyds of London Flood Insurance ShopperThere are alternatives to the NFIP or government insurance.  It  is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in Kentucky . We shop all the options for your property in your region to ensure you are getting the best premium.  If you are ready to have us do the work for you, please click here.

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

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Lloyds of London Flood Insurance Kentucky Market

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

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body.  This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.

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

Lloyds of London Flood Insurance

NFIP vs Private flood insurance

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Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe.  You see the “game” of insurance is to spread your risk since Lloyds is worldwide.

Lloyds of London Private Market Flood InsruanceMy joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.

How much does flood insurance cost in Kentucky?

There are many factors that go into getting the cost of flood insurance for Kentucky. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.

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

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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 grid below):

Maximum flood insurance coverages NFIP

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

A flood zone and SHFA rate maps
FEMA High-risk Rates

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

https://www.fema.gov/media-library-data/1523307331106-4cf9726b2eb04c3471a3e9d37a58fa6a/09_prp_508_apr2018.pdf

If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Kentucky depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in Kentucky with a slab on grade foundation.

We will look at the Kentucky 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, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Kentucky.

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

Our example is in Louisville, but the premiums will be the same if in Pike, Owensboro, Oldham, Harlan, Greenup and many other Kentucky flood ones.

In our example, the Base Flood Elevation (BFE is 919.7) and is a home that is built before 1973

What is BFE?
SHFA

NFIP option in Kentucky 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 $4,537.00

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

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Kentucky Private flood insurance – Lloyds of London Flood Insurance (option 1)

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

Lloyds of London (option 1) Annual premium in High-Risk flood zone is $789.00

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 do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

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Lloyds of London Flood Insurance Jumping in

Private Flood insurance –  Lloyds of London (option 2)

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

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

Annual premium in High-Risk flood zone is $819.00 (great price).

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, which is a bit different from some of our other Lloyd’s flood options.  We usually reserve this one if the property doesn’t fit into any of our options above. We can adjust coverages to control premium. As mentioned before, this underwriters’ rates are all over the board.  It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate.

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

Currently, Kentucky has 20,462 NFIP policies in force to date with the total cost of $19,859,236.  That would make the average flood rate for Kentucky $971. Of course, some will pay more, and some will pay less.

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Kentucky Flooding

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

Let’s start off with Bath and Bell, Kentucky.  The average flood rate for these two areas is $612.  The flood policies total 120 with $73,414 in flood premiums.

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Middlesboro, Kentucky has 264 flood policies in effect with $373,118 in total premiums.  The average flood rate for Middlesboro is $1,413.

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In Boone, Paris, and Ashland, Kentucky, there are 182 active flood policies.  The average flood rate here is $1,007 with $183,186 in written premium.

$810 is the average flood rate for Boyd, Kentucky.  Boyd has $202,406 in flood premiums with 250 total policies in effect.

The average flood rate in Boyle, Augusta, and Breathitt, Kentucky is $1,107.  The premiums here total $226,961 with 205 active flood policies.

298 flood policies are in effect in Bullitt, Kentucky.  Bullitt has an average flood rate of $699 which includes $208,340 in total premiums.

$428,353 in premiums exist in Shepherdsville, Kentucky.  Shepherdsville has an average flood rate of $906 with 473 flood policies active.

Let’s check out Bellevue, Campbell, Melbourne, Carter, Olive Hill, and Christian, Kentucky, where the average flood rate is $827.  This group of areas have 258 flood policies in effect with $213,366 in flood premiums.

The average flood rate rises to $929 in Newport and Silver Grove, Kentucky.  These two areas have 189 flood policies with $175,555 in written premium.

Hello Hopkinsville, Kentucky!  Glad you stopped by!  The policies in Hopkinsville total 261 with $331,857 in total premiums.  The average flood rate here is $1,271.

Oak Grove and Clark, Kentucky have an average flood rate of $1,369.  The premiums here total $250,536 with 183 flood policies in effect.

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The average flood rate drops a little to $1,224 in Winchester and Clay, Kentucky.  104 policies are active here with $127,286 in flood premiums.

Daviess County, Kentucky have 378 policies in effect with $240,455 in written premiums.  The average flood rate is $636.

In Owensboro, Kentucky, the average flood rate is $698.  The number of active policies here is 1,142 with $797,556 in total premiums.  The waterfront in Owensboro is amazing!  It is so nice to walk around, visit the shops, or just let the kids play on the playground!  Give us a call Owensboro!

526 policies are in effect in Lexington, Kentucky.  Lexington has an average flood rate of $988 with $519,514 in written premium.

The average flood rate drops to $787 in Floyd, Kentucky.  Floyd has 517 active flood policies and $406,872 in flood premiums.

In Prestonsburg and Frankfort, Kentucky, the average flood rate rises to $1,524.  Give us a call!  The policies here number 252 with $383,940 in premium.

$1,715 is the average flood rate for Franklin, Kentucky!  Let us check rates for you Franklin!  The premiums here total $493,856 with 288 active flood policies.

123 policies are in effect in Gallatin, Graves, and Mayfield, Kentucky.  The average flood rate for these areas is $1,060 with $130,341 in total premiums.

$319,814 is the premium total for Greenup, Kentucky.  Greenup has an average flood rate of $919 with 348 policies in effect.

In Worthington, Hardin, and West Point, Kentucky, the average flood rate is $959.  The premiums here add up to $252,173 and the policies total 263.

Lewisport and Elizabethtown, Kentucky have 200 policies in effect with $185,668 in premiums.  The average flood rate for this area is $928.

There are 291 active flood policies in Harlan, Kentucky.  Harlan has an average flood rate of $631 with $183,537 in flood premiums.

$1,270 is the average flood rate for Cynthiana, Kentucky.  Cynthiana has 87 policies in effect with $110,480 in total premiums.

Hello Henderson, Kentucky!  Cross over that money saving bridge into Henderson!  Henderson has $319,069 in flood premiums with 373 active flood policies.  The average flood rate for Henderson is $855.

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The average flood rate for Hopkins County and Madisonville, Kentucky is $1,073.  There are 90 active policies and $96,528 in premiums.

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FEMA FLood Insurance Rate Maps

Louisville, Kentucky!  You all have a lot of fun things to do in your city!  From underground zip lining to baseball games to concerts to just hanging out by the water, there is something for everyone!  You also have the highest number of active flood policies in the state at 4,816!  The premiums here total $4,936,428 which allows the average flood rate to be $1,025.

102 flood policies are in effect in Jessamine and Nicholasville, Kentucky.  The premiums here total $73,530 which causes the average flood rate to be $721.

The average flood rate drops to $676 in Johnson, Kentucky.  Johnson has 206 active flood policies and $139,323 in total premiums.

Let’s check out a group of areas that include Paintsville, Covington, Letcher, Lewis, Livingston, Madison, Magoffin, McCracken, and Paducah, Kentucky where the active policies total 1,011.  The premiums for these areas total $784,740 which allows the average flood rate to be $776.

The next group includes Knott, Lawrence, Russellville, Berea, Marshall, Martin, Mclean County, and Mercer, Kentucky.  The average flood rate for these areas is $739.  The premiums here total $441,187 with 597 policies in effect.

In Oldham, Kentucky, the average flood rate goes up to $1,732!  Give us a call Oldham!  Let us check your rates!  Oldham has 265 flood policies in effect with $458,956 in total premiums.

The average flood rate goes up again to $1,798 in Falmouth and Hazard, Kentucky.  These two areas have 267 flood policies in effect with $480,057 in written premium.

$942 is the average flood rate for Perry County and Coal Run Village, Kentucky.  The number of flood policies total 186 with $175,197 in total premiums.

932 flood policies are in effect in Pike, Kentucky.  Pike has $881,616 in flood premiums.  The average flood rate for Pike is $946.

Pikeville, Powell, and Morehead, Kentucky have an average flood rate of $1,263.  The premiums add up to $396,491 with 314 flood policies in effect.

There are 217 active flood policies in Rowan, Kentucky.  Rowan has $130,612 in flood premiums which allows the average flood rate to be $602.

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Let’s check out Georgetown, Scott, and Shelby, Kentucky where the average flood rate is $735.  These areas have $141,160 in total flood premiums with 192 flood policies in effect.

Now, let’s look at Bowling Green and Warren, Kentucky where there are 155 flood policies in effect with $114,877 in premiums.  The average flood rate for these areas is $741.

Lastly, we’ll look at Woodford, Kentucky.  Woodford has an average flood rate of $1,608.  The premiums in Woodford total $258,868 with 161 active flood policies.

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

KY Flood Insurance Cost Calculator

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.

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About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. 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. In fact, 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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References
the following documents contain additional hydrologic data, flood photos, historic flood descriptions, floodplain delineations and other pertinent information, and should be considered supplemental to this flood warning plan:
https://bsa.nfipstat.fema.gov/reports/1011.htm#COT
https://www.fema.gov/average-claim-payments-date-loss
https://www.fema.gov/national-flood-insurance-program
https://www.fema.gov/media-library-data/1486576697135-ac6348fb2a3d98ceba33cf3f38422dbc/Claim_Loss_Counts_Sept2016.pdf
https://www.fema.gov/media-library-data/1458666638945-d752cb148ef1348b4b1c22acec66a0bd/Claim_loss_count2015.pdf
https://www.fema.gov/media-library-data/1393877884619-3091f75bf9d46a26f5beb7d423c34529/Total_Claim_Count_fy2013.pdf
https://www.weather.gov/safety/flood-states-ky
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