Many homeowners overlook flood insurance or opt not to include it in home insurance package. Yet, the National Flood Insurance Program (NFIP) annually settles around 25% of its claims from properties considered to be in low-risk zones. Given the unpredictability of nature, it makes sense to reconsider flood insurance. Looking beyond the NFIP, there exist so many coverage options for homeowners to consider. We’ve selected Neptune Flood, TypTap Flood, Aon Private Flood, Hiscox – FloodPlus and Johnson & Johnson, as the 5 best private flood insurance providers in 2024.
Choosing the Best Private Flood Insurance
Loosened federal restrictions paired with technological advances continue to bring more companies into the private flood insurance market. Price is often one of the main attractions for homeowners who want to protect their homes against flood damage. However, it’s important to consider the big picture and essential to partner with a company that has the financial strength to withstand stormy weather. Your independent agent can guide you through the process of getting coverage and help ensure you understand the protection your policy provides.
Standard flood insurance through the NFIP has its limitations. Fortunately, the best private flood insurance companies offer plenty of ways to supplement your FEMA coverage or even replace it altogether.
At Coastal Insurance Solutions, we understand the importance of protecting your home from natural disasters, especially floods. As the leading online insurance agency for private flood insurance, we offer online quotes in minutes.
Our online quote process is quick and easy. Simply enter your address and answer a few questions about your home, and we’ll provide you with a quote in just minutes. Find a flood policy that is both affordable and comprehensive, covering everything from the structure of your home to your personal belongings.
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What are the Benefits of Private Flood Insurance?
While the National Flood Insurance Program (NFIP) has been the traditional option for flood insurance, private flood insurance offers many benefits that may it a superior choice for some homeowners.
One of the main advantages of private flood insurance is flexibility. Unlike the NFIP, private insurers can customize policies to fit your specific needs. This means you can choose the coverage amounts and deductibles that work best for you, rather than being limited to the standard options offered by the NFIP.
Private insurers may also offer more competitive pricing than the NFIP. This is because they are not bound by government regulations and can create policies that better reflect the actual risk of flooding in your area. As a result, you may be able to get a better deal on flood insurance from a private insurer than you would from the NFIP.
Another advantage of private flood insurance is the range of coverage options available. While the NFIP only covers damage to the structure of your home and some of its contents, private insurers can offer additional coverage for things like living expenses, loss of rental income, and even landscaping. This means that you can have more comprehensive protection for your home and belongings in the event of a flood.
Finally, private insurers tend to have more responsive customer service than the NFIP. When you file a claim with a private insurer, you can typically expect a quicker response time and more personalized attention. This can make the claims process less stressful and more efficient.
In conclusion, private flood insurance offers a range of benefits that make it a more attractive option than the NFIP for many homeowners. From greater flexibility to more comprehensive coverage options, private insurers can provide you with the protection you need to safeguard your home and belongings from flood damage.
Private Flood Insurance vs. NFIP Insurance
Coverage limits may be the most obvious difference between NFIP policies and private market options. However, you’ll also find some other key differences. In particular, you can see some big differences in price, documentation requirements, and even in the way coverage applies.
Flood coverage through the NFIP follows a specific definition that requires complete inundation of 2 acres of land (or more) or inundation of 2 or more properties before coverage applies. This definition doesn’t line up exactly with the flood exclusion on home insurance policies, leaving justified reason for concern among homeowners. In most cases of flooding, NFIP insurance would provide coverage — but there are gaps. Some private market insurers simplify the definition of flooding so that your coverage is seamless leaving no space between your home insurance policy’s exclusions and where your flood coverage begins.
Another extra you’ll often find with private flood insurance is that contents coverage can be provided at replacement cost, which means you won’t have a deduction for depreciation in many cases. You’ll also find better coverage if you store some items in the basement.
Deductibles may be higher with private flood insurance, however, and for some homes the safety of a FEMA-backed policy may be a better fit. Fortunately, homeowners in many areas now have a choice.
| Private Flood Insurance | FEMA/NFIP policy | |
| Dwelling coverage limits | Up to $4,000,000 depending on the insurer and your flood risk | Up to $250,000 |
| Contents coverage limits | Potentially up to $250,000 depending on the insurer | Up to $100,000 |
| Loss of use coverage | Up to $10,000 | Not available |
Private Flood Insurance Companies
For many years, the flood market was deemed too risky for private insurers. Today, however, technology allows better ways to measure risk and price premiums. Better efficiency — combined with recent changes in NFIP policies that allow homeowners to replace their FEMA flood policy — now makes private flood insurers worth a closer look. Here are some of the best private flood insurance companies from a now-growing field.
Best Flood Insurance Companies of 2024
Neptune Flood
Just 3 years young but run by seasoned industry veterans, Neptune Flood quickly emerged as a leader in the private flood insurance market. Designed as a plug-in replacement for an NFIP policy, a private flood insurance policy with Neptune brings several advantages including higher coverage limits, shorter waiting periods, and broader coverage options. In addition to expanded coverage, Neptune offers annual savings of up to 25%. Coverage is now available in nearly 40 states.
Starting with dwelling coverage limits, the differences already become clear. While NFIP policies top out at $250,000 in coverage for your home itself, Neptune offers coverage limits of up to $2 million. Contents coverage follows a similar pattern with Neptune policies offering up to $500,000 in coverage compared to just $100,000 through the NFIP.
Increased coverage limits with the potential for lower rates make Neptune a provider worth a closer look.
TypTap Flood
TypTap is more than just a new company with a catchy name. This provider for flood and home insurance is part of HCI Group, a well-established publicly-traded company with strong financials and a growing position in key markets like Florida. TypTap’s expanding service area now includes NJ, PA, MD, SC, TX, CA, and FL.
Credited with being Florida’s first private flood insurance provider, TypTap recently surpassed $50 million in annual premiums, growing fourfold in a single year. This dynamic growth can be attributed to TypTap’s reputation for lower premiums and easier underwriting when compared to NFIP policies in many areas.
Extras like available coverage for additional living expenses if your family is displaced by a claim help set TypTap apart. Replacement cost coverage on contents also makes a TypTap policy an attractive option to an NFIP policy.
Aon Private Flood
A leader in specialty insurance markets since the 1980s, Aon now offers Aon Edge, a widely accepted private flood insurance solution trusted by over 3,000 lenders. As with some other private flood insurance providers, Aon streamlines the application process and offers simplified underwriting, helping to speed your coverage placement.
Aon offers 2 options, so you can expand the coverage of an existing NFIP policy, bumping coverage limits from $250,000 up into the millions with an excess flood policy — or replace the NFIP policy altogether. Aon Edge provides one of the easiest applications in the business, with only 12 underwriting questions and no elevation certificates required.
If buying coverage at the time you’re buying a home, there’s no waiting period for Aon’s flood policies, making the company worth a close look for homebuyers.
Hiscox – FloodPlus
Launched in 2016, Hiscox’s private flood insurance offering, called FloodPlus, offers coverage for homes insured for up to $1 million, 4 times the coverage limit for NFIP policies. Extras include additional living expenses if displaced by a flood claim, coverage for unattached buildings, and coverage for personal property worldwide with limits up to $500,000. 
Like some other private flood programs, FloodPlus offers coverage that picks up where your home insurance leaves off, eliminating the troublesome gap left by NFIP policies. You’ll also have the choice of replacement cost coverage or actual cash value for your personal property. By contrast, NFIP policies only provide actual cash value coverage for most items and only when located on the first floor (or above) inside the home.
An easy application process — without the 30-day wait — and a streamlined process that doesn’t require an elevation certificate earn Hiscox a place on our list of the best private flood insurance companies.
Johnson & Johnson Insurance
With a history dating back to 1930, Johnson & Johnson Insurance has become a well-respected provider of both personal lines and commercial lines of insurance. Johnson & Johnson’s excess flood coverage is designed to compliment NFIP coverage and extend coverage limits beyond the fixed limits found on FEMA policies. 
Excess flood coverage works similarly to excess liability coverage or an umbrella policy. By extending coverage limits of existing policies, these types of products can reduce the overall cost of insurance. In effect, the extended coverage often costs less per dollar of protection than the qualifying policy, an NFIP policy in this case. Pairing policies this way helps address gaps in coverage, particularly for high-value properties.
As a family-owned business with a long history of customer service, Johnson & Johnson has earned its place on our list of the best private flood insurance companies.
Our methodology
Coastal Insurance Solutions has extensively researched nearly all the private flood insurance carriers in the nation to determine our list of top-rated companies. While the NFIP will always play a key role in the United States flood insurance market, our focus in this article is on private flood insurance carriers.
Throughout the evaluation process, we carefully considered various factors, such as the range of coverage options offered, the extent of geographical coverage in each state, as well as the coverage limits for both dwellings/structures and contents. Further, we thoughtfully factored in the financial strength ratings from AM Best.
As a result of our research and thorough analysis, we have categorized our recommendations into different categories: the best overall, the runner-up, the best for high-value homes, and the best for customizable coverage. As always, please keep in mind that the specific policy structure offered by private flood insurance companies may vary from company to company.
FAQs
- What is Flood Insurance?
- Why do I Need Flood Insurance?
- What Does Flood Insurance Cover?
- Who Should Get Flood Insurance
- How to Get Flood Insurance
- How Much Does Flood Insurance Cost?
- How Can I Get Cheap Flood Insurance
- When Is It Too Late to Buy Flood Insurance?
What is Flood Insurance?
Much like homeowners insurance, flood insurance protects your property, including buildings and your belongings. A flood insurance policy limits the covered risks to flooding, which can include overland flooding but can also include mudslides. Other types of water damage may be covered by your homeowners insurance policy.
Why do I Need Flood Insurance?
Your home insurance policy can protect your home against nearly any risk, but damage due to flooding is specifically excluded on a standard home insurance policy. You’ll find a section in your home insurance policy that explains which types of water damage are covered (and which aren’t). However, the easiest way to understand floods is to determine whether the water touched the ground before entering your home. In most cases, this can tell you whether the damage is covered by home insurance or whether your flood insurance policy might come to the rescue. Damage caused by water that touched the ground before entering your home probably isn’t covered by a home insurance policy.
You may also find some gaps between what a standard homeowners insurance policy won’t cover and where your flood insurance coverage begins. However, most water damage risks to homes can be covered by using both a home insurance policy and a flood policy. Ask your agent about important endorsements to help bridge the gap. For example, coverage for drain backups can often be added to a home policy inexpensively.
Floods and surge events can be costly. The NFIP reported an average claim of nearly $117,000 for flood-related damage from Hurricane Harvey. Superstorm Sandy resulted in over 130,000 NFIP claims and affected 16 states. None of these claims would be covered by a standard home insurance policy. Without the extra protection of flood insurance, many parts of the country might look quite different today in regard to both home ownership and economic activity.
In some cases, flood insurance is a requirement imposed by lenders. In other cases, it’s simply a wise purchase. Claims can affect low-risk areas as well but coverage is often more affordable for low-risk areas. In summary, in high-risk areas, it’s hard to argue with the wisdom of purchasing coverage, whereas in low-risk areas, flood coverage can be very affordable, providing an inexpensive way to protect your home.
What Does Flood Insurance Cover?
Painted with a broad brush, flood insurance covers damage to your home and personal belongings due to flood waters, surges, or mudslides. However, it’s also useful to understand how a flood policy provides protection. We can start with an overview of how flood insurance through the NFIP works, but it’s important to review the coverage provided by private insurers as well.
Flood Coverage for Buildings
Much like your home insurance policy, your flood insurance policy provides coverage for your home itself, meaning the building. Coverage for your home is provided as replacement value coverage which means your policy will pay to rebuild without a deduction for depreciation. However, there are some limits to consider.
NFIP policies only cover losses of up to $250,000 for flood damage to your dwelling and attached items, such as furnaces, cabinets, and installed flooring. Private market flood insurance policies can cover larger home values.
Coverage for Personal Property
Your flood insurance policy can also help cover the cost of repairing or replacing your flood-damaged belongings. However, coverage limits apply here as well, with NFIP policies providing coverage up to a limit of $100,000 for personal property, also known as contents coverage. Unattached items, like washing machines, furniture, and electronics fall into this coverage type.
Contents coverage on an NFIP policy uses actual cash value to determine the insured value of items in your home. This means that your claim payout will have a deduction for depreciation due to age or wear and tear. NFIP policies also exclude personal property stored in a basement or outside. Some private flood insurance providers can cover these losses.
Who Should Get Flood Insurance
Coastal Insurance Solutions believes that flood insurance is an essential component of home protection for all homeowners, regardless of where they live. While it is true that some areas are more prone to flooding than others, the reality is that floods can happen anywhere, at any time, and with little warning.
Even if you live in a low-risk area, there is still a chance that your home could be damaged by flooding. In fact, according to FEMA, around 25% of flood insurance claims come from homeowners who live in low to moderate risk areas. This is because floods can be caused by a variety of factors, including heavy rainfall, snowmelt, and even human error, such as a burst pipe.
That’s why we recommend that all homeowners consider getting flood insurance, regardless of where they live. Flood insurance can provide you with the financial protection you need to repair or replace your home and belongings in the event of a flood, and it can give you peace of mind knowing that you are prepared for the unexpected.
How to Get Flood Insurance
Homeowners looking for flood insurance have two main options available: the National Flood Insurance Program (NFIP) and private flood insurance.
The NFIP is a government-run program that provides flood insurance to homeowners in participating communities. The program was created in 1968 to help homeowners in high-risk flood areas obtain insurance, but it is available to all homeowners regardless of their risk level.
Private flood insurance, on the other hand, is offered by private insurers and provides more flexibility and customization than the NFIP. Private insurers can offer coverage options and pricing that are tailored to your specific needs and risk level. To get private flood insurance, you can partner with an online insurance agency like Coastal Insurance Solutions to compare quotes from multiple providers.
When comparing private flood insurance quotes, it’s important to consider factors like coverage limits, deductibles, and exclusions. You should also look for a provider with a strong reputation for customer service and claims handling. Whether you choose to go with the NFIP or private flood insurance, it’s important to do your research and compare quotes to find the best policy for your needs.
At Coastal Insurance Solutions, we specialize in providing online flood insurance quotes in minutes. Our online quote process is quick and easy – all you need to do is enter your address and some basic information about your home, and we’ll provide you with multiple quotes from top private flood insurance providers. This allows you to compare coverage options and pricing to find the best policy for your needs and budget.
How Much Does Flood Insurance Cost?
At Coastal Insurance Solutions, we understand that one of the biggest concerns homeowners have when it comes to flood insurance is the cost. The reality is that the cost of flood insurance can vary depending on a variety of factors.
Top Factors that can Affect the Cost of your Flood Insurance:
Location:
The risk of flooding varies depending on where you live. Homes in high-risk flood zones are more likely to experience flooding, which means they will typically have higher flood insurance rates.
Age of home:
Older homes may have a higher risk of flooding due to outdated plumbing or other structural issues, which can result in higher flood insurance rates.
Elevation of home:
Homes located in areas with higher elevations may have a lower risk of flooding, which can result in lower flood insurance rates.
Coverage amount:
The amount of coverage you choose can also impact the cost of your flood insurance policy. The more coverage you have, the higher your premium will be.
Deductible:
The amount of your deductible can also affect the cost of your flood insurance policy. A higher deductible will typically result in a lower premium, while a lower deductible will result in a higher premium.
It’s important to note that flood insurance rates will vary depending on the provider you choose and the specific policy you select. That’s why it’s important to shop around and compare quotes from multiple providers to find the best policy for your needs and budget.
With Coastal Insurance Solutions, you can receive online flood insurance quotes in just minutes from multiple private flood insurance providers. This allows you to compare coverage options and pricing to find the best policy for your needs.
How Can I Get Cheap Flood Insurance
When it comes to getting flood insurance, many homeowners are looking for ways to save money and get the cheapest policy possible. Here are some tips to help you get the most affordable flood insurance:
Consider a higher deductible:
One way to lower the cost of your flood insurance policy is to choose a higher deductible. This means you’ll pay more out of pocket if you file a claim, but it can significantly lower your premium.
Shop around for quotes:
It’s important to get quotes from multiple private flood insurance providers to find the best rate. At Coastal Insurance Solutions, we can provide you with multiple quotes in just minutes from top private flood insurance providers, making it easy to compare pricing and coverage options.
Check for discounts:
Some private flood insurance providers may offer discounts for things like bundling your policy with other types of insurance or installing flood mitigation measures like flood vents or elevation.
Evaluate your coverage needs:
Make sure you’re not paying for more coverage than you need. If you’re in a low-risk flood zone, you may not need as much coverage as someone in a high-risk zone.
Please remember that while getting the cheapest flood insurance may be a priority, you also want to make sure you have adequate coverage in case of a flood. That’s why it’s important to evaluate your coverage needs and consider all options.
When Is It Too Late to Buy Flood Insurance?
A waiting period is the time between when you purchase your policy and when coverage begins. Waiting periods are common for both National Flood Insurance Program (NFIP) policies and private flood insurance policies.
For NFIP policies, there is typically a 30-day waiting period before coverage begins. This means that if you purchase a policy today, you won’t be covered for any flood damage that occurs within the next 30 days. However, there are some exceptions to this waiting period. For example, if you’re purchasing a new home and your mortgage lender requires flood insurance, the waiting period may be waived.
Private flood insurance policies may have different waiting periods depending on the provider and the policy. Some policies may have shorter waiting periods or no waiting periods at all. It’s critical to carefully review the terms of your policy to understand the waiting period and when coverage begins.
Resources:
- Hurricane Sandy – Wikipedia
- Flood Insurance FEMA
- Neptune Flood Insurance
- TypTap
- Aon Private Flood
- Hiscox
Flood Insurance by State
- California Private Flood. California homeowners seeking protection from potential flooding can rely on our team of state licensed insurance experts to secure the coverage you need at the best possible price
- Connecticut Private Flood Homeowners in Connecticut can trust our team state licensed insurance experts to find the best price for the coverage needed to protect their homes from flood risk
- Florida Private Flood Florida homeowners looking for flood protection can count on our team of state-licensed insurance professionals to obtain the necessary flood coverage at the most competitive price.
- New Jersey Private Flood Homeowners in New Jersey can trust our team of state-licensed insurance specialists to secure the most affordable coverage to safeguard their homes from flood threats.
- New York Private Flood Trust the team of state licensed flood insurance experts at Coastal Insurance Solutions to help you find the best flood coverage for your New York home at the lowest rates.
About the Author
David W. Clausen is the CEO of Coastal Insurance Solutions. With over 20 years' experience and over 1 billion insured, David and Coastal Insurance Solutions are the recognized leaders in high net worth insurance. For the fourth consecutive year, David Clausen has been awarded Top Producer by Insurance Business America and the 2023 Agents of The Year by Insurance Journal. David is a trusted high net worth insurance expert who’s published more than 200 articles. His articles & press releases have generated over 500K pageviews and has been featured on blogs such as Google News, Yahoo Finance, CNBC, Market Watch, Fox, The New York Times, etc. David founded Coastal Insurance Solutions in 2001 after earning a BBA from the State University of New York College at Oswego.
