Missouri flood map

Flood map Missouri

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Does my Missouri homeowner insurance cover flooding?

A typical Missouri 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 Missouri?

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

Yes Please shop my Flood Insurance

We believe that most homeowners think about Flood insurance in Missouri 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.

Flood plain Map in Missourai

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.

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

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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.

  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?

Missouri flood plain map

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

Jefferson County Missouri flood map

Missouri flood insurance rate map

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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 Missouri, 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” then it really is.

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

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FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Missouri 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 Missouri?

Missouri NFIP flood insurance.

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

  1. The NFIP / FEMA or Government option

  2. 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.

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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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Missouri 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 Missouri. 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 Missouri Market

 

Missouri 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.

Yes Please shop my Flood Insurance

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

Lloyds of London flood insurance

NFIP vs private flood insurance market

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.

My 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 Missouri?

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

Missouri 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):

$250K (Residental) /$500K (commercial) Building
NFIP Maximum Coverage Limits

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.

The average cost for flood insurance in Missouri 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

AE flood Insurance Rates for FEMA
FEMA High-risk Rates

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 Missouri 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 Missouri with a basement foundation.

We will look at the Missouri 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 Missouri.

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

Our example is in Jefferson City, MO, but the premiums will be the same if in St. Louis, St. Charles, Butler, Camden and many other Missouri flood zones.

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In our example, the Base Flood Elevation (BFE is 560) and is a home that is built before 1973

NFIP option in Missouri 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 $5,860.00

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

SHFA

Missouri 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 2)  Annual premium in High-Risk flood zone is $1,267.16

This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE.  In our example, with our BFE being 560, if the lowest floor is 556, then they will not accept this risk.  They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.

 

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Private Flood insurance option (option 2) Not Lloyds

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

Annual premium in High-Risk flood zone is $5,274.00

This option will take properties that have had one flood loss as long as it has been 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.

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Private Flood insurance –  Lloyds of London (option 3)

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 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 $5,000 deductible

Annual premium in High-Risk flood zone is $848.40 (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.

Yes Please shop my Flood Insurance

Private Flood insurance –  Lloyds of London (option 4)

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

Annual premium in High-Risk flood zone is $1,945.86

This option came out of the company that used to run the NFIP program, so the coverage almost exactly matches the NFIP coverage with two differences. They offer living expenses which will cover your cost, when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage.

Private Flood insurance –  Lloyds of London (option 5)

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

Annual premium in High-Risk flood zone is $606.00

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 following years or sometimes they jack the price way up so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also seems to be a glitch sometimes.

Yes Please shop my Flood Insurance

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

Currently, Missouri has 20,386 NFIP policies in force to date with the total cost of $20,828,499. That would make the average for Missouri $1,071. Of course, some will pay more, and some will pay less.

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Missouri Flood map | Missouri flooding map | Missouri flood plain map

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

Let’s start with Columbia and Buchanan, Missouri.  Combined, these two areas have 227 active flood policies with $168,323 in written premiums.  The average flood rate for Columbia and Buchanan is $742.

In St. Joseph, Missouri, there are $294,222 in flood premiums.  The average flood rate in St. Joseph is $1,231 which includes 239 flood policies in effect.

When we look at Butler, Missouri, the average flood rate drops down to $726.  The total number of active flood policies in Butler is 484 with $351,513 in total premiums.

222 flood policies are in effect in Poplar Bluff and Jefferson City, Missouri.  The premiums for these two areas total up to $269,037 which allows the average flood rate to be $1,212.

In Camden, Missouri, the average flood rate is $652.  The total number of flood policies is 452 with $294,490 in flood premiums.

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Let’s check out Cape Girardeau and Carter, Missouri.  These areas have 214 active flood policies and $193,523 in premiums.  This allows the average flood rate to compute at $904.

When we look at Lee’s Summit, Cass, and Christian, Missouri, we see that the total number of flood policies in effect is 262 with $165,371 in written premiums.  The average flood rate for these areas is $631.

There are 210 active flood policies in Independence, Missouri.  The average flood rate in Independence is $1,021 with $214,488 in flood premiums.

Hello Kansas City, Missouri!  Glad you stopped by!  You all have $1,328,764 in flood premiums and 792 active flood policies.  Your average flood rate is $1,678.

Looking at North Kansas City, Smithville, and Cole, Missouri, we find the total number of flood policies in effect is 273.  Their average flood rate is $1,035 which includes $282,478 in written premiums.

Superior flood vs governemnt

The average flood rate drops to $479 for Dunklin and Kennett, Missouri.  The total premiums in Dunklin and Kennett are $149,992 with 313 active flood policies.

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Moving on to Franklin, Pacific, and Greene – they have 441 flood polices in effect and $449,468 in written premiums.  The average flood rate for these areas is $1,019.

$1,158 is the average flood rate in Springfield, Big Lake, and West Plains, Missouri.  There are 407 active flood policies and $471,376 in premiums in these areas.

174 flood policies are in effect in Jasper and Joplin, Missouri.  The average flood rate for Jasper and Joplin is $872 which includes $151,763 in premiums.

The average flood rate jumps up to $1,115 in Arnold and De Soto, Missouri.  The total premiums for these areas are $215,253 which includes 193 active flood policies.

Jefferson City, Missouri, you have the second highest number of active flood policies in the state!  With 802 policies, your premiums come in at $909,504 which allows the average flood rate to be $1,134.

Let’s look at Canton, Lincoln, Mississippi, and Morgan Missouri next.  These areas have a combined total in premiums of $437,757 with 689 active flood policies.  The average flood rate here is $635.

With 513 active flood policies in Marion, McDonald, and New Madrid, Missouri, the average flood rate is $707.  The total combined flood premiums in these areas is $326,511.

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Hello Sikeston, Missouri!  Glad you stopped by our page!  You all have 420 active flood policies and $221,230 in total flood premiums.  Your average flood rate is $527.

280 active flood policies make up Neosho, Seneca, and Caruthersville, Missouri.  The premiums in these areas total $219,473 which allows the average flood rate to be $784.

In Permiscot, Missouri, the average flood rate is $353.  The total number of policies in effect in Permiscot is 356 with $125,725 in written premiums.

Let’s check out Platte, Ripley, and Miner, Missouri.  These areas have a combined total number of flood policies of 318!  Their average flood rat is $736 with $233,926 in total premiums.

Scott, Missouri’s average flood rate is $467.  Scott has 413 active flood policies and $192,754 in total premiums.

The following areas have $904,311 in total premiums: O’Fallon, Fenton, Ferguson, and Florissant!  We are glad you stopped by our page.  You all have an average flood rate of $1,510 which includes 599 active flood policies.  Let us know if we can assist you with anything!

Yes Please shop my Flood Insurance

St. Charles, Missouri!  You all have quite a few flood policies in effect – 1048 to be exact.  Your average flood rate is $1,093 which includes $1,145,604 in written premiums.

349 flood policies are in effect in St. Peters and West Alton, Missouri.  The written premiums in these areas are $351,015 which allows the average rate to be $1,006.

$1,441 is the average flood rate for Chesterfield, Missouri. The total number of active flood policies in Chesterfield is 343.  The premiums here total up to $494,281.

In Hazelwood, Ladue, and Rock Hill, Missouri, there are 403 active flood policies.  The total number of premiums is $799,906.  The average flood rate for these areas is $1,985.  Let us know if we can help you with anything Hazelwood, Ladue, or Rock Hill.

Oh St. Louis, MO!  You have some amazing sites to visit!  A boat ride on the Missouri River or a ride up an elevator in the arch, you have something for everyone!  Your active flood policies total 1,081.  Your average flood rate is $1,505 which includes $1,627,321 in written premiums.

The average flood rate climbs to $1,654 in University City, Missouri.  The active policies here total 352 with $582,042 in total premiums.

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$1,077 is the average flood rate for Valley Park, Missouri.  The total premiums in Valley Park are $227,223 with 211 active flood policies.

Let’s check out Webster Groves, Dexter, Stoddard, Taney, and Wayne, Missouri.  These areas have an average flood rate of $976.  The premiums in these areas total up to $594,314 which includes 609 active policies.

Lastly, let’s explore Branson and Stone, Missouri – you all have $296,281 in total premiums and 347 active flood policies.  Your average flood rate is $854.

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

Flood insurace Cost in Missouri

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 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  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-mo