How Much Is Flood Insurance in Arizona? Average Flood Insurance Cost and Coverage

The cost of flood insurance in Arizona varies by county and individual factors, such as the architecture of your home, the price of replacement and repairs, flood risks and more. Flooding is often not covered by homeowners or renters insurance.

You should check a local flood map considering Arizona has a number of high-risk flood zones. Also, you should consider getting flood insurance if your address is near a moderate or high-risk flood zone due to the expense of flood damage. The damage caused by an inch of water, according to the Federal Emergency Management Agency (FEMA), can reach $25,000.

TABLE OF CONTENTS

• Cost of Flood Insurance in Arizona
• Flood Insurance Companies in Arizona
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Arizona
• Do You Need Flood Insurance?
• Arizona Flood Insurance FAQs

On average, Arizona residents spend $765 annually on flood insurance. That said, your rates may differ. The state's flood-prone areas and individual property hazards have an impact on the average cost. High-risk flood insurance costs can be substantially higher than low-risk flood zones.

The average flood insurance cost in Arizona is $35 less expensive than the national average due to having fewer flood-prone areas.

According to MoneyGeek, Mohave County has the lowest flood insurance premiums, with annual rates averaging $568. Meanwhile, Greenlee County has the highest annual rate at around $1,505. For additional information on average flood insurance costs in other Arizona counties, see the chart below.

Many people get their flood insurance via the NFIP, but it is also possible to use private insurance companies. These frequently have a base policy that is similar to NFIP policies, as well as an excess policy that provides extra coverage on top of the base policy.

Families who believe the NFIP coverage is insufficient or who do not reside in an NFIP service area can use commercial providers.

Arizona-based partner companies of the NFIP also offer flood insurance protection. The complete list of state-participating insurance companies under the NFIP can be found in the table below.

In Arizona, buying flood insurance is simple because there are no particular prerequisites to fulfill. You only need to contact your home insurance agent or the NFIP Hotline (877-336-2627).

Given that the NFIP has a 30-day waiting period, it is recommended to get your policy as soon as possible. Private insurance providers, however, may impose a much shorter 10-day waiting period. To verify this, contact your provider.

Building structures and their contents are often covered by flood insurance. Since a single inch of water can cause as much as $25,000 in losses, purchasing flood insurance can be a wise decision.

Buildings and personal property are the only things covered by flood insurance. Swimming pools, decks, patios, landscaping, money, documents or objects in the basement are not covered. Similarly, a flood insurance policy does not cover vehicle flooding.

One aspect of a standard flood insurance policy is building coverage. This covers damages to your home's actual structure, such as:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

Policyholders can purchase up to $250,000 in building coverage with an NFIP insurance policy.

When your personal property is damaged by one of the covered perils, flood insurance contents coverage can help cover the cost of replacement or repair. You can get insurance worth up to $100,000 through the NFIP.

The following are some of the items that flood insurance's contents coverage can insure:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

Before October 2021, only your general location had any bearing on the cost of flood insurance. Buyers can use the FEMA website to evaluate their state's and county's historical flood risk.

Since 1996, there have been 25 flooding incidents in Greenlee County, which is the fewest in Arizona, compared to 333 in Pima County. Flood insurance premiums usually cost around $889 in Pima and roughly $1,505 in Greenlee, even though it’s the least flooded county in the state. This could be due to the county’s size.

FEMA's Risk Rating 2.0 system, which bases rates on specific property risks, went into effect in October 2021. The new method takes into account factors such as your home's elevation, physical structure and rebuilding expenses.

Keep in mind that your location will still have a significant impact on the final pricing you receive. The factors that now affect the price of your Arizona flood insurance are further explained below.

Every property can flood, so flood insurance could be a wise investment. Government-backed mortgages and lenders will require you to buy flood insurance if you reside in a high-risk flood zone. FEMA also advises acquiring flood insurance if you reside in a low or moderate-risk flood zone.

Homeowners and renters insurance typically don't cover flood damage. Even without a disaster declaration from the president, flood insurance will cover claims. Federal help for disasters only goes up to $5,000 per household. You can get much more than that with flood insurance.

Flood insurance also gives you added peace of mind.

If you still aren’t sure about flood insurance, these frequently asked questions with answers from MoneyGeek might be able to help.