Environment Natural Disasters The 6 Best Flood Insurance Companies of 2021 Make sure you're protected By Kiah Treece Environmental Law, J.D., University of Toledo College of Law Interdisciplinary Ecology, M.S., University of Florida Ecosystem Science and Policy, Geological Science, B.A., University of Miami Kiah is a sustainability coach who is dedicated to intentional, sustainable living and the role we can play in improving the environment for future generations. our editorial process Kiah Treece Updated November 24, 2020 Share Twitter Pinterest Email Environment Planet Earth Climate Crisis Pollution Recycling & Waste Natural Disasters Transportation Our editors independently research, test, and recommend the best products; you can learn more about our review process here. We may receive commissions on purchases made from our chosen links. asbe / Getty Images Our Top Picks Best Overall: Geico Best Basic NFIP Coverage: The Flood Insurance Agency (TFIA) Best Coverage Flexibility: Neptune Flood Insurance Best for Low-Risk Zones: FloodSimple Best Policy Bundling: Allstate Best Emergency Support: Assurant Flooding can happen quickly and may cause extensive and expensive damage. Unfortunately, homeowners' policies don’t usually include flood coverage for structures or personal property, and flood policies are only required in certain high-risk areas. To make sure your home is protected in the case of a flood, it’s important to purchase separate flood insurance. To help you find a policy that’s right for you, we reviewed top flood insurance providers based on factors like coverage limits, available deductibles, waiting periods, and transparency. Many companies issue flood insurance through the National Flood Insurance Program (NFIP), meaning their policy limits, premiums, and other features are the same, regardless of the agency or underwriter. In those cases, we considered factors like customer support, quote tools, and bundling options. Best Overall: Geico Geico Get a Quote With a stellar rating from credit rating agency AM Best, Geico offers flood policies through the NFIP that are underwritten by a number of non-affiliated insurance companies, including Assurant, Chubb, and the Federal Emergency Management Agency (FEMA). Because policies are through the NFIP, premiums are set and aren’t dictated by Geico. Likewise, for standard policies, building coverage is limited to around $250,000 and contents are limited to roughly $100,000. That said, the company’s convenient online quoting tool, provided through Assurant, makes it easy to see how much you’re likely to pay for specific coverage limits. If you have a home that’s not located over water, you can see transparent premium information for a number of coverage amounts. However, if your home partially or entirely exists over water, you’ll have to call for a quote. If you don’t know how much personal property coverage you need, you can also use Geico’s personal property calculator to add up the value of belongings you want to cover. The company also offers a helpful FAQs section to help you navigate any important questions. Why it's a fit for Treehugger: Geico is our overall top pick because it offers comprehensive flood insurance through the NFIP and makes it easy to estimate your premium with its transparent online quote tool. Best Basic NFIP Coverage: The Flood Insurance Agency (TFIA) The Flood Insurance Agency (TFIA) Get a Quote The Flood Insurance Agency (TFIA) is an agency that connects property owners with policies through FEMA’s NFIP or through the private market. Customers who opt for NFIP coverage can get same-day quotes and same-day policies in 48 states. As with Geico and other NFIP providers, these coverage limits and premiums are set by the NFIP. For those who want a more flexible flood insurance option—or homeowners who want to purchase supplemental coverage in a private market—TFIA’s Private Market Flood products are available in 37 states. Policies are underwritten by Lexington Insurance and priced competitively—especially for older homes and businesses. These private policies offer the same coverage as the FEMA policy (and the same claims adjusters) but at a lower cost. Why it's a fit for Treehugger: We love TFIA because its same-day quotes and quick binding—meaning the coverage is in place—make it the most straightforward way to get FEMA’s NFIP flood insurance. Best Coverage Flexibility: Neptune Flood Insurance Neptune Flood Insurance Get a Quote Founded in 2016, Neptune Flood Insurance is a data-driven flood insurance company that aims to provide affordable coverage through a network of more than 10,000 agents across the U.S. With flexible deductibles available from around $1,000 to $25,000, Neptune advertises that customers can save up to roughly 25% on their premium as compared to the cost of a similar NFIP policy. What’s more, Neptune Flood Insurance boasts more flexible coverage options that aren’t available through the NFIP, like for temporary living expenses, basement contents, pool repair and refill, and damage to detached structures. Coverage limits are also higher than available with the NFIP, with up to roughly $2,000,000 in-building coverage and $500,000 for personal contents. Plus, the waiting period is only 10 days—much shorter than the 30-day NFIP period and even less than Assurant’s 14-day period. You can report a quote through the company's site, but if you’re having trouble with it or have any other questions, you can submit a request through the website (including up to five attachments). Neptune Flood Insurance also makes it easy to report a claim via phone, email, or by contacting your local agent directly. An adjuster will contact you within two hours to provide a summary of the claim process, and many claims are resolved in as soon as 10 days. Why it's a fit for Treehugger: Neptune Flood Insurance made our list because it offers much higher coverage limits and more flexible coverage options than some other carriers. Best for Low-Risk Zones: FloodSimple FloodSimple Get a Quote Available in all 50 states, FloodSimple is an agency based in Denver that advertises roughly 30% to 50% savings compared to FEMA policies. This is accomplished by only offering coverage in lower-risk zones—rather than having to write policies on every property within a flood zone, as is the case with FEMA. FloodSimple truly simplifies flood insurance by providing homeowners an easy to use online quote tool that does not require you to provide your phone number. Just enter basic information about your location, the size of your home, and how much coverage you want, and one of FloodSimple’s underwriters will email you a quote and an example policy within 24 hours—we received one in about 10 minutes. You can also compare a standard FloodSimple premium with the cost of a FEMA policy with similar coverage to see how much you’re likely to save. What’s more, FloodSimple doesn't require an elevation certificate—instead, the agency evaluates properties on a case-by-case basis using computer scoring and underwriter expertise. Why it's a fit for Treehugger: We chose FloodSimple as the best option for low-risk zones because of the potential for savings over a standard FEMA policy. Best Policy Bundling: Allstate Allstate Get a Quote Allstate offers consumers access to NFIP policies that can supplement its Allstate homeowners policy. This means that you can keep all of your insurance with one agent and add on auto insurance or other coverage to take advantage of roughly a 25% multi-policy discount. Allstate customers can also take advantage of the company’s responsible payment, claim-free, home buyer, early signing, and loyalty discounts. Like other options on our list, Allstate offers an online quoting tool, but you’ll have to provide more personal information than some other carriers require. Depending on your location and the types of coverage you need, you may be directed to search for a local agent who can help you find a policy that meets your needs. That said, Allstate provides customers access to FEMA’s NFIP policies, so available coverage and premiums will be in-line with other NFIP options. Why it's a fit for Treehugger: Allstate made our list because it makes it easy to bundle policies while ensuring you have adequate flood coverage. Best Emergency Support: Assurant Assurant Get a Quote Assurant provides private flood insurance to both homeowners and businesses and is one of the largest Write Your Own (WYO) companies for the NFIP—meaning it can write policies in its own name rather than through the NFIP. With more than 20 years of experience in the private flood market, Assurant offers high coverage limits, flexible policy add-ons, and easy-to-use quoting and claim management tools. What really stands out, though is Assurant’s FlexCash program, an add-on that can provide roughly $10,000 in discretionary cash before your claim is processed. The standard residential flood product includes offers up to about $800,000 in-building coverage, a maximum of approximately $250,000 in contents coverage, and available deductibles of about $1,250, $1,500, and $2,000. The waiting period is also just 14 days—half that of NFIP policies. Assurant does not have an online quote tool, but it’s easy to contact a representative via phone and email. The company has transparent eligibility criteria and can provide a decision in as little as four seconds; there are only 20 underwriting questions as compared to more than 60 for NFIP policies. Why it's a fit for Treehugger: Assurant excels because of its FlexCash add-on, which means you won’t have to worry about covering travel and hotel expenses while you wait for your claim to process. Who Needs Flood Insurance? If you live in a flood-prone area—like on the coast or in a floodplain—you should purchase a flood insurance policy. In fact, if you have a federally-backed mortgage and your home is in Flood Zone A or V, your lender will require it. Still, it’s estimated that roughly 20% of flood claims are for properties that are not in a high-risk area, so it may be wise to get a policy even if you don’t think you need one. We recommend checking the FEMA Flood Map Service Center for your risk level and contacting your insurance agent with questions. What Does Flood Insurance Cover? Generally speaking, flood insurance covers damage and other losses that are directly caused by flooding. In other words, the damage must be called by an actual flood—not an isolated incident like a leaky pipe. Policies can include buildings, personal contents, or both. Types of damage that are covered include but are not limited to appliances, wall paneling, carpeting and window treatments, and foundation walls. However, flood insurance doesn’t usually cover damage caused by mold or moisture that could have been avoided, living expenses or business losses incurred as a result of the flood, or cars. How Much Does Flood Insurance Cost? On average, FEMA estimates that an NFIP flood policy will cost about $700 per year. However, the cost of flood insurance depends on the amount and types of coverage you need, your deductible, and whether your property is located in a high-risk area. For that reason, Write Your Own (WYO) policies are often more competitive than policies provided through the National Flood Insurance Program (NFIP) because they can choose not to write in high-risk areas. How We Chose the Best Flood Insurance Companies When evaluating flood insurance companies, we looked at maximum coverage limits, deductibles, and whether add-ons are available. We also compared the waiting periods imposed by each company before binding coverage as well as whether each offers features like quote tools and personal property calculators. Lastly, we considered each company’s ratings for customer satisfaction and support options. Overall, we chose Geico as the best flood insurance because of its high rating, transparent online quoting tool, and personal property calculator. Not only does Geico make it easy to get an NFIP policy, but it also provides tools and resources that help clients better understand their flood insurance needs.