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

The flood insurance cost in Delaware varies depending on several risk factors, such as the architecture and elevation of your home, how prone it is to floods and how much repair is needed in case of damage. Note that flood insurance is not often included in a homeowners or renters insurance.

It is important to check your local flood map when deciding whether or not to get coverage in Delaware.

According to the Federal Emergency Management Agency (FEMA ), an inch of water can cause up to $25,000 of damage.

TABLE OF CONTENTS

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

While the average cost of flood insurance in Delaware is $748, this may vary depending on the property, the location of your home and whether it’s susceptible to flooding. This means high-risk flood insurance costs can be significantly higher than low-risk flood zones.

The average flood insurance policy in Delaware is $20 cheaper than the national average. This indicates Delaware has lower flood risks than other states in the country.

MoneyGeek found that the lowest average cost in Delaware is in Sussex County, which costs $711 annually, while the highest is in New Castle County, which is about $975 annually. The table below shows average flood insurance rates in other Delaware counties.

To ensure you'll get the right policy, you should evaluate NFIP and private companies that offer flood insurance in Delaware. Insurance providers offer a base policy and an excess policy. Base policies are like the policy that the NFIP offers. Excess policies are supplemental coverage on top of a base policy.

Private providers are ideal for those who aren't in an NFIP community or aren't satisfied with NFIP coverage.

NFIP has numerous partner insurance companies that offer flood insurance. Below is a rundown of NFIP-participating insurance providers.

Getting flood insurance is easy because no special requirements are needed. All you need to do is contact your home insurance agent, NFIP Hotline (877-336-2627) or a local flood insurance provider.

MoneyGeek recommends getting this done as soon as possible since the NFIP has a 30-day waiting period and most private insurance companies have a 10-day waiting period. Get in touch with your provider to confirm and discuss your options.

In Delaware, flood insurance policies usually cover the contents within your home and the structure itself. Even an inch of water can cause $25,000 in damages.

Damages to swimming pools, decks, patios, landscaping, cash and paperwork, basement items and vehicles are not included in the coverage. Vehicle flooding coverage is also not included in flood insurance.

Building coverage is the most important component of a flood insurance policy. It protects your home from flood damage and even repair or replacement if the damage is beyond repair. Policyholders can get up to $250,000 in building coverage with NFIP insurance.

In terms of building coverage, the following aspects are covered:

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

Aside from building coverage, flood insurance also prevents the loss of personal property. Flood insurance provides protection from the loss of cash, jewelry and other valuables damaged by water. With the NFIP, you can get up to $100,000's worth of contents coverage.

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

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

Previously, the only determining factor for the cost of flood insurance was a flood zone map. If you lived in a certain flood zone, then you would have to pay more for coverage than someone who lives in a low-risk area.

FEMA created an online tool to identify the historical flood risk of your state.

According to MoneyGeek's analysis, New Castle County has had the most flooding events (254) since 1996, whereas Sussex County has the fewest flooding events (102). The average cost in New Castle County is $975, while residents of Sussex County pay around $711 for flood insurance.

In October 2021, FEMA created the Risk Rating 2.0 system, which allows more accurate premiums for flood insurance. Location will remain the major determining factor in the final rate. However, foundation type, dwelling structure, elevation, replacement and repair costs, frequency of flooding and proximity to bodies of water also impact rates.

This new pricing methodology promises fairer and more accurate premiums for flood insurance. However, your location will still heavily impact the final rate you’ll get. The list below further explains some factors that influence the cost of your Delaware flood insurance.

Flood insurance is a wise investment. Living in a flood-prone area and not mitigating the risk can end up costing you money. High-risk flood zone areas will have a higher flood insurance premium. FEMA recommends obtaining federal government-backed flood insurance for properties in high-risk flood zones.

In the event of weather-related floods, your renters or homeowners insurance won't protect you. Flood insurance is essential. It will cover claims even without a disaster declaration from the president. You can get federal help through a grant or loan amounting to $5,000 per household. However, having flood insurance provides extra security.

MoneyGeek sheds light on some of the most frequently asked questions about flood insurance in Delaware.