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

Having a homeowners or renters insurance policy may not be enough to protect your property from all types of flooding. Flood damage is a common peril not automatically covered in your standard policy. The cost of flood insurance is determined by your location and individual property risk, including the age and structure of your building and coverage types.

Having multiple high-risk flood zones, flood insurance cost in Indiana is significantly higher than average. According to the Federal Emergency Management Agency (FEMA), flood damages can easily cost more than $25,000 per inch of water. Purchasing flood insurance is highly recommended.

TABLE OF CONTENTS

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

The average cost of flood insurance in Indiana is $1,142 per year. The cost of insurance varies according to individual property risks and your proximity to a flood zone. Residents living in or near flood-prone areas can expect to pay higher premiums than those who live in lower-risk areas.

Given the state’s geographic location, Indiana is susceptible to severe flooding. Flood insurance costs in Indiana are approximately $375 more expensive than the national average.

MoneyGeek found that those living in Henderson County tend to pay the highest monthly premiums at around $4,856 per year. Cook County pays the cheapest rates at around $338 per year. The table below shows how much flood insurance costs in Indiana by county.

Indiana residents can get flood insurance from the NFIP or private insurance companies. The NFIP offers a base policy, whereas private insurers offer a base policy as well as an excess policy. This is supplemental coverage for a base policy.

You may opt for private insurance if you need more coverage than what an NFIP policy offers or if you are located outside an NFIP community.

The NFIP also has partner insurance companies in Indiana that offer flood insurance. In the table below, MoneyGeek listed all the NFIP-participating insurance providers and their respective contact numbers.

Purchasing flood insurance in Indiana is simple. There are no special requirements. Call the NFIP Hotline (877-336-2627) or your home insurance agent to get started.

Flood insurance can be purchased from the NFIP, your home insurance provider or another insurer. Plan ahead since there is a 30-day waiting period for NFIP and a 10-day waiting period for private insurers before coverage starts. However, you should verify this with your provider.

Flood insurance in Indiana covers a building structure and its contents. Even an inch of water entering your home can cause around $25,000 worth of damage.

Basic flood insurance does not cover damages to swimming pools, decks, patios, landscaping, cash and paperwork, vehicles and basement items.

The physical structure of your home is protected by your building coverage as long as damage resulted from a covered peril. It covers the following:

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

You can purchase up to $250,000 worth of coverage through the NFIP.

Your personal belongings are protected against damages from a covered peril. Your contents coverage includes damages to:

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

You can purchase up to $100,000 worth of content coverage.

Flood insurance costs were only previously calculated based on your general location. FEMA has an interactive map that shows the flood risk of U.S. counties by state.

According to FEMA’s Indiana data on flooding events since 1996, Gibson Country has had the most (209). By contrast, Pulaski, Starke and LaGrange counties have had the least flooding (six).

The average annual cost of flood insurance in Gibson county is $974, whereas the average cost of policies for Pulaski, Starke and LaGrange counties are $892, $841 and $948, respectively. Gibson is not the most expensive county, illustrating how county size impacts rates.

In October 2021, FEMA introduced Risk Rating 2.0 in Indiana, which evaluates individual property risks. In addition to flood zone mapping, it also looks at foundation type, dwelling structure, elevation, replacement and repair costs, frequency of flooding and other factors.

That said, it still calculates the cost by mainly looking at where you live geographically. MoneyGeek breaks down all the factors that affect flood insurance costs below.

Even if you don’t live in a flood-prone area, FEMA recommends getting flood insurance since every property can be at risk for flood damage.

Since standard homeowners or renters insurance does not automatically cover flood damages, purchasing separate flood insurance will provide an extra layer of protection and peace of mind.

Private flood insurance will pay claims even if there isn’t a presidential disaster declaration. However, a typical federal disaster assistance grant is capped at $5,000 per household. Flood damage costs easily surpass this amount.

MoneyGeek answered frequently asked questions to help you understand more about Indiana flood insurance.