A typical North Carolina 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.
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 North Carolina, 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.
North Carolina NFIP flood insurance.
There are many options available in North Carolina regarding flood insurance, but they fall into two main categories. The Government option is also known as the NFIP, FEMA, and 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
If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any 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.
The average cost for flood insurance in North Carolina 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 North Carolina depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in North Carolina with a slab-on-grade foundation.
We will look at the North Carolina 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 on a few of our private flood insurance policies, specifically Lloyd’s flood insurance options in North Carolina.
Our example is Dare, NC, but the premiums will be the same if in Currituck, Carteret, Nags Head, New Hanover, Carolina Beach, and many other North Carolina flood ones.
In our example, the Base Flood Elevation (BFE 8) and is a home that is built before 1973
Hello, North Carolina! Thanks for visiting our page for all your flood insurance needs.
Let’s start with Beaufort County, North Carolina, where the average flood rate is $755. The premiums in Beaufort total $1,698,459, with 2,249 active flood policies.
Next up is a group of areas that include Belhaven, Carolina Shores, Caswell Beach, and Leland, North Carolina, where the flood policies number 2,175. The premiums in these areas add up to $1,347,473, which allows the average flood rate to be $620.
Washington, North Carolina, has $1,171,459 in flood premiums. The average flood rate is $974, which includes 1,203 active flood policies.
The average flood rate rises to $1,047 in Bald Head Island, North Carolina. The premiums total $1,236,297 with 1,181 flood policies in effect.
Three thousand seven hundred four flood policies are active in Brunswick, North Carolina. The average flood rate in Brunswick is $508, including $1,880,248 in flood premiums.
The average flood rate jumps to $2,075 in Holden Beach, North Carolina. Holden Beach has 1,822 active flood policies with $3,781,080 in premiums. Give us a call at Holden Beach to check flood rates!
The premiums in Oak Island, North Carolina, add up to $4,535,181, with 3,311 flood policies. Oak Island has an average flood rate of $1,370.
When we look at Ocean Isle Beach, North Carolina, the average flood rate rises to $1,629. The premiums in Ocean Isle Beach total $3,863,549, with 2,372 flood policies active.
Durham, North Carolina, has an average flood rate of $860. The premiums here add up to $1,058,109 with 1,230 in active flood policies.
The average flood rate rises to $958 in Hyde, North Carolina. The premiums in Hyde total $1,194,010 with 1,246 flood policies in effect.
Check out Kinston, Jacksonville, and Oriental, North Carolina, where the flood premiums add up to $1,232,065. The flood policies total 1,761, allowing the average flood rate to be $700.
When we look at Charlotte, North Carolina, we find 2,949 flood policies active. The premiums add up to $1,822,590, allowing the average flood rate to be $618.
Look at Carolina Beach, North Carolina, where the premiums total $3,125,196. The average flood rate in Carolina Beach is $887, which includes 3,523 active flood policies.
Five thousand twenty-five flood policies are active in New Hanover, North Carolina. The premiums total $3,186,566, allowing the average flood rate to be $634.
The average flood rate rises to $649 in Wilmington, North Carolina. The flood policies total 2,936 with $1,904,195 in written premiums.
Again, the average flood rate rises to $1,070 when we look at Wrightsville Beach, North Carolina. Wrightsville Beach has $2,853,648 in flood premiums with 2,666 flood policies.
Once more, the average flood rate rises to $1,344 in North Topsail Beach, North Carolina. The active flood policies total 1,268 with $1,704,186 in total written premiums.
When we check out Onslow, North Carolina, we find 1,931 flood policies active. The average flood rate in Onslow is $519, which includes $1,002,153 in total premiums.
$1,426 is the average flood rate in Surf City, North Carolina. The premiums in Surf City total $3,056,968, with 2,143 active flood policies. Give us a call, Surf City!
In Pamlico, North Carolina, we see 1,114 flood policies active with $665,763 in written premiums. The average flood rate in Pamlico is $598.
Next is Pasquotank, North Carolina, where the average flood rate is $573. The premiums total $714,990, with 1,247 flood policies in effect.
The average flood rate rises to $614 in Pender, North Carolina. Pender has 1,764 active flood policies with $1,083,567 in total premiums.
Topsail Beach, North Carolina’s average flood rate is $1,476. This includes $1,601,002 in flood premiums with 1,085 flood policies active. Give us a call at Topsail Beach! We’ll check your rates!
Let’s look at a group of areas, including Perquimans, Pitt, and Tyrrell, North Carolina, where the premiums add up to $867,559 with 1,505 flood policies. The average flood rate for these areas is $576.
In Greenville, North Carolina, flood policies number 1,201. The premiums add up to $817,891, allowing the average flood rate to be $681.
Another group that includes Lumberton and Robeson, North Carolina, has an average flood rate of $794. The premiums in these areas add up to $1,020,492, with 1,286 flood policies active.umber 1,201. The premiums add up to $817,891, allowing the average flood rate to be $681.
Another group that includes Lumberton and Robeson, North Carolina, has an average flood rate of $794. The premiums in these areas add up to $1,020,492, with 1,286 flood policies active.
1,977 is the flood policy total in Raleigh, North Carolina. Raleigh has $1,929,725 in flood premiums which allows the average flood rate to be $976.
Let’s check out some more areas – Wake, Wayne, and Wilson, North Carolina. These areas have an average flood rate of $672. The flood premiums add up to $897,791 with 1,336 active flood policies.
Our last group includes Boone, Watauga, and Goldsboro, North Carolina, where the flood policies number 1,322. The average flood rate for these areas is $932, which includes $1,232,243 in flood premium.
Thanks for checking out all the flood information on North Carolina!!
All homes that are ocean-facing are custom built, so with this special consideration, our Lloyd’s of London VE flood zone and other Private Flood Insurance options for oceanfront properties consider this with variable coverage options as well as significant savings below is a case study for a property we were shopping just last week.
Our example was in the Wilmington, NC, area and is in a VE flood zone map.
For the coverage of $250,000 with no contents and a $5,000 deductible, the NFIP annual cost for flood insurance in a VE flood zone is $ 19,237.00. Ouch!
Since we are who we are and experts in Flood Insurance, we will look at every property every way possible to ensure that we are getting the best premium for our clients, and WE often Do (smile wink)
We tried this same property on our Private flood options and were able to get the premium to under $5,150, and we have, in some cases, with similar properties, get the annual premium to $600. This was a feather in our cap and made our clients very happy. Again all properties are unique in these VE flood zones, but if we can find a private flood policy for you, we guarantee it will be better than the NFIP option.
Let us help you save money today.