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

Because flood damage isn’t usually covered by renter's or homeowner's insurance, it’s important to purchase it if you live in a high-risk area. To determine the likelihood that your home may flood, you can review a flood map.

By purchasing insurance, you’ll avoid paying high out-of-pocket repair costs if your home floods; the Federal Emergency Management Agency (FEMA) estimates that an inch of water damage can cost up to $25,000.

The cost of flood insurance varies depending on the area's flood risk, as well as specific property risks, such as your home's elevation, physical structure and rebuilding cost.

TABLE OF CONTENTS

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

In Nebraska, the average cost of flood insurance is around $1,061 per year. Rates, however, might vary significantly based on a building’s proximity to a flood zone and other specific property hazards. Those who live in flood-prone areas typically have to pay higher rates.

The average flood insurance cost in Nebraska is around $294 more than the national average, likely because the state has a higher amount of flood-prone areas than others.

According to MoneyGeek’s data, Clay County in Nebraska has the most expensive flood insurance rates at $5,572 per year, whereas Pawnee County has the cheapest at $110 annually. The table below displays the cost of flood insurance in Nebraska by county.

Residents of Nebraska can buy flood insurance from the NFIP or a private provider. Private insurance providers offer either a basic policy that is comparable to the NFIP coverage or an excess policy that includes supplemental coverage to the base policy.

For homes not properly covered by NFIP insurance or those residing outside of an NFIP-covered area, a private provider is a good option.

Insurance companies in Nebraska that are NFIP-affiliated also offer flood insurance. MoneyGeek has compiled a list of insurance companies that are NFIP participants, along with each company's contact information, for your convenience.

Purchasing flood insurance is easy because there are no requirements to have a policy. Simply contact your home insurance agent or the NFIP hotline at 877-336-2627.

MoneyGeek advises buying your flood insurance coverage as soon as you can because the NFIP has a 30-day waiting period. Many private insurance companies also impose waiting periods of at least 10 days, so you should contact your agent to verify.

Flood insurance typically covers a building’s structure and contents. Since a single inch of floodwater can cost up to $25,000 in damages, flood insurance may save you money.

Swimming pools, patios, decks, landscaping, money, documents and basement items are not covered by flood insurance. Water damage to vehicles is also not included, but comprehensive coverage will cover this.

When your home suffers damage from one of the insured perils, building coverage can assist in covering the cost of repairs or replacements. You can obtain insurance worth up to $250,000 through the NFIP.

Here are some of the things that flood insurance can cover:

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

Contents coverage, on the other hand, is the portion of flood insurance that covers your personal belongings, including:

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

In the past, insurance companies calculated the cost of flood insurance based on location alone. The flood risk of all U.S. counties can be viewed on interactive maps provided by FEMA.

Based on data from FEMA, Otoe County has experienced the most flooding in Nebraska, with 65 incidents recorded since 1996. In comparison, Box Butte County only experienced four flooding events, during the same time period. In these counties, flood insurance has an average annual cost of $798 and $815, respectively

The cost of flood insurance is impacted by the size of the county, so a county with the highest or lowest historical record of flooding doesn’t alway have the highest or lowest insurance rates.

In October 2021, FEMA unveiled Risk Rating 2.0, which takes into account building-specific factors other than location, like foundation structure, elevation, replacement and repair costs, frequency of floods and proximity to water bodies.

Thanks to this new rating system, flood insurance prices have become more fair, but your location still plays a significant role in how much your flood insurance in Nebraska is.

In the table below, MoneyGeek described a few additional pricing factors that are evaluated in the new rating system.

Standard homeowners and renters insurance does not cover flood insurance. For people living in low-risk or moderate-risk areas, buying flood insurance is a good investment since every property is susceptible to flooding. Homeowners with mortgages residing in high-risk flood zones are required to purchase flood insurance.

Separate coverage, in addition to renters or homeowners insurance, must be purchased from either the NFIP or a private insurer. Private companies will pay claims without a presidential disaster declaration and offer more compensation than federal aid. Households are only eligible for a $5,000 government disaster award, which may not be enough to cover damages.

To learn more about flood insurance, you can review MoneyGeek’s answers to some frequently asked questions regarding flood insurance in Nebraska.