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

Homeowners and renters insurance don’t usually cover flood damages. Since flooding can happen anywhere, getting flood insurance to protect your home and belongings is advisable.

In Maine, multiple counties are in moderate- and high-risk flood zones. This makes flood insurance more advisable since just an inch of water can cost up to $25,000 in damages, according to the Federal Emergency Management Agency (FEMA).

The cost of your flood insurance policy is based on your location, coverage preferences and individual risk factors, including your home’s structure, elevation, replacement/repair costs and flood frequency.

TABLE OF CONTENTS

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

On average, flood insurance in Maine costs $1,133 per year. This amount is influenced by the state’s flood-prone areas and individual property risks. Nonetheless, your premium price may vary based on your location within the state. If you live in a moderate- or high-risk flood location, you can expect higher insurance prices than someone in a low-risk area.

Flood insurance prices in Maine are about $365 higher compared to the national average. This may be because there are more flood-prone locations in Maine than in other states.

MoneyGeek broke down Maine’s average cost of flood insurance per county. York County has the cheapest rates at $977 per year, while rates in Kennebec County are the most expensive at $1,787 per year.

In Maine, you can buy flood insurance from the NFIP or a private insurance provider. If you opt for the latter, you can choose between the following:

• Base policy - flood insurance with similar coverage to an NFIP policy
• Excess policy - offers supplemental coverage on top of the base policy

Generally, private insurers are recommended if you live in a non-NFIP-community or if you find NFIP coverage insufficient for your household’s needs.

The NFIP has existing partnerships with Maine insurance providers that offer flood insurance. MoneyGeek listed NFIP-participating insurance companies and their contact details in the table below.

Buying flood insurance in Maine is easy since there are no special requirements to obtain a flood policy (unlike auto insurance, for example). You can start by calling your home insurance agent or the NFIP hotline, managed by FEMA, at (877) 336-2627. Likewise, you can research other flood insurance companies and contact them directly.

MoneyGeek recommends getting a flood policy as soon as possible. NFIP has a 30-day waiting period, while private companies in Maine can have as little as a 10-day waiting period. Call your insurance provider to be informed of your waiting period.

A flood insurance policy usually covers your home’s structure and contents. Remember that just one inch of water can cost you $25,000 in flood damages.

Generally, flood insurance doesn’t cover repair and replacement costs for vehicles, swimming pools, decks, patios, landscaping, cash, paperwork and basement items.

Flood insurance typically includes building coverage, which helps pay for repairing or replacing your home’s physical structure if a covered peril damages it.

The NFIP allows you to buy up to $250,000 in building coverage, and it covers the following items:

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

A flood insurance policy also includes contents coverage, which covers damages to your personal belongings, such as:

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

You can get up to $100,000 of content coverage from the NFIP.

Before October 2021, your proximity to a flood zone (based on the flood map) was the only factor that affected your flood insurance rates. However, that’s no longer the case. You can still use FEMA’s website to find your location’s historical flood risk and impact.

Based on FEMA’s data for Maine, since 1996, Aroostook county has had the most flooding events at 85. Meanwhile, Waldo has the least at 11. MoneyGeek’s research shows that the average costs of flood insurance for these counties are $1,049 and $1,509, respectively.

Although Aroostok has the greatest number of flooding events in Maine, it doesn’t have the most expensive flood insurance premiums. This is because Aroostook is a huge county, and flooding events encompass a large area and are less concentrated across the region.

Since October 2021, FEMA has started using Risk Rating 2.0. It’s a rating system that facilitates fairer flood insurance pricing by considering individual factors and not relying on a broad flood map.

To assess your flood insurance rates, the Risk Rating 2.0 looks into the characteristics of your home, including:

• Foundation type
• Dwelling structure
• Elevation
• Replacement and repair costs
• Frequency of flooding
• Proximity to bodies of water

MoneyGeek explained other notable flood insurance cost factors in the table below. Note that your location has a significant impact on your premiums.

Buying flood insurance is generally advisable, especially since every property is vulnerable to flooding and homeowners and renters insurances don't cover flood damages.

If you’re living in a low- or moderate-risk flood zone, FEMA still recommends that you purchase a flood policy as an added layer of protection. Meanwhile, if you live in a high-risk flood location, government-backed mortgage providers may require you to get flood insurance before they approve your loan.

While federal disaster assistance can get you a loan or a grant of up to $5,000 per household, flood insurance coverage is much more than that. Additionally, a flood insurance policy will pay claims even without a presidential disaster declaration.

With a flood policy, you get added protection on top of the peace of mind that your home and personal belongings are covered in case of flooding.

Buying flood insurance doesn’t have to be complicated. MoneyGeek provides answers to some frequently asked questions to help you evaluate flood insurance.