How much is Flood Insurance in Ohio?

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How much is Flood Insurance in Ohio?

The average cost per policy in Ohio through the NFIP is $857.38. Depending on where you live, this average could vary substantially! Depending on your deductibles, the cost of your home and contents, this also causes a wide range in premiums. Below, we've listed rates for several cities to give you an idea of flood insurance cost through the NFIP. If you're interested in a quote for a private flood insurance policy to compare costs, we offer a 100% online quote process.

Average Costs through the NFIP

City
Average Cost per Policy
Columbus
$1,494.52
Cleveland
$512.77
Cincinnati
$2,258.06
Toledo
$1,093.03
Akron
$1,160.25
Dayton
$1,528.37
Parma
$713.68
Canton
$772.22
Youngstown
$3,103.81
Lorain
$872.60

Prices as of March, 2022.

Risk Rating 2.0 Pricing in Ohio.

FEMA's flood program through the NFIP has begun using a new pricing methodology, Risk Rating 2.0. This will result in a price change for 96% of policyholders. This will impact nearly all of the 29,000 NFIP policies in force in Ohio.

New NFIP Policyholders can expect to see these changes October 1st, 2021. If you're an existing policyholder, these rate changes won't affect you until April 1st, 2022.*

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If you already have a policy through the NFIP, be sure to compare the Risk Rating 2.0 price to a Private Flood Insurance quote. You could possibly save hundreds of dollars. The time to start comparing prices on your flood insurance is before your policy is set to renews.

 

The NFIP does not allow mid-term cancellations. This means that once your policy renews, you have no option to cancel it unless you meet very restrictive guidelines, such as the sale of your home. The process can be difficult and frustrating. Here is a link to the guidelines to cancel an NFIP policy mid-term: FEMA Cancellation Form.

What is not covered by the NFIP?

Debris removal, additional living expenses, and belongings located in your basement, aren't covered. You would be required to purchase a secondary policy to cover appurtenant structures, such as a detached garage or shed. Visit their website to see everything that is, or isn't, covered by the NFIP.

If you'd like to be free from these limitations and have more options for coverage, consider getting flood insurance from FloodPrice,

How to get cheap flood insurance in Ohio?

With private flood insurance, you have options for broader coverage, usually at a lower price than if you were to purchase a policy through the NFIP. Get a quote and find out how much you can save when compared to an NFIP policy! Also note the differences in coverage between an NFIP policy and a private policy, like higher available coverage for your home, and coverage for living expenses if you are displaced from your home due to a flood. It could mean the difference between hundreds, if not thousands of dollars, down the line.

Does my homeowners insurance cover flooding?

Homeowner's insurance generally excludes flood coverage. Obtaining a flood insurance policy is typically left up to the homeowner. If you're looking to get a policy, we offer a 100% online process. You can get a quote started here!

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Need help from a Flood Expert? Call us at 866-503-5663

*45% of NFIP policy holders in Ohio (13,241 policies) will see an average increase of $0-$120 per year. 6% of policyholders (1,704 policies) will see an increase of $120-$240 per year. 4% of policyholders (1,026 policies) will see an increase of greater than $240 per year.

Source: https://www.fema.gov/sites/default/files/documents/fema_ohio-state-profile_03-2021.pdf

 
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