9 in 10 American Homeowners Don't Have Flood Insurance, ValuePenguin.com Finds
NEW YORK, May 8, 2019 /PRNewswire/ -- Floods are the nation's most common natural disaster, but nearly 9 in 10 American families aren't adequately insured against the costly damages caused by flooding. A new ValuePenguin.com study has found that just 7 percent of American homeowners have a flood insurance policy, compared to the 91 percent of owner-occupied homes who have homeowners insurance.
With the 2019 Atlantic hurricane season less than a month away, the need for flood insurance has never been more urgent. Nearly three-fourths of U.S. adults think destructive weather events such as hurricanes are getting worse, and over 40 percent of Americans have encountered weather events that caused property damage or forced them to evacuate their homes. Yet flood insurance coverage ratios vary widely by state.
Key Findings:
- The states with the highest percentage of homeowners with flood insurance are Louisiana (44 percent), Florida (36 percent), Hawaii (23 percent), South Carolina (16 percent) and New Jersey (11 percent).
- The states with the lowest rate of coverage are Minnesota (0.6 percent), Utah (0.6 percent), Michigan (0.8 percent), Wisconsin (0.8 percent) and Ohio (1.1 percent).
- The average cost of a flood insurance policy through the National Flood Insurance Program (NFIP) is $699 per year, but flood insurance premiums vary significantly across the country.
- The five most expensive states to purchase flood insurance are Connecticut, Rhode Island, Vermont, Massachusetts and Pennsylvania, where premiums are 69-100 percent above the national average. On the flip side, NFIP policies in Texas, Maryland and Florida are the cheapest in the nation, and cost 17-21 percent below the national average.
ValuePenguin calculated share of homeowners with a flood insurance policy by comparing NFIP policies in force (source: FEMA) to owner-occupied housing units (source: U.S. Census Bureau). This analysis does not include private flood insurance policies, which make up a minimal share of the overall flood insurance market.
To view the full report, visit: https://www.valuepenguin.com/average-cost-flood-insurance.
States Most and Least Prepared for a Flood |
|||||
State |
Share of |
Rank (1st |
Yearly |
Difference |
Flood |
Louisiana |
43.50% |
1 |
$664 |
-5% |
5 |
Florida |
35.50% |
2 |
$550 |
-21% |
1 |
Hawaii |
22.80% |
3 |
$673 |
-4% |
8 |
South Carolina |
15.50% |
4 |
$672 |
-4% |
7 |
New Jersey |
11.10% |
5 |
$961 |
37% |
33 |
Delaware |
10.40% |
6 |
$724 |
4% |
15 |
Texas |
10.20% |
7 |
$581 |
-17% |
3 |
Mississippi |
8.50% |
8 |
$695 |
-1% |
12 |
Rhode Island |
5.60% |
9 |
$1,389 |
99% |
49 |
North Dakota |
5.40% |
10 |
$677 |
-3% |
9 |
North Carolina |
5.20% |
11 |
$814 |
16% |
20 |
Virginia |
5.00% |
12 |
$737 |
5% |
17 |
New York |
4.60% |
13 |
$1,155 |
65% |
46 |
Maryland |
4.50% |
14 |
$573 |
-18% |
2 |
Alabama |
4.30% |
15 |
$687 |
-2% |
11 |
Connecticut |
4.20% |
16 |
$1,395 |
100% |
51 |
Massachusetts |
3.90% |
17 |
$1,251 |
79% |
48 |
Georgia |
3.70% |
18 |
$684 |
-2% |
10 |
California |
3.50% |
19 |
$806 |
15% |
19 |
Oregon |
3.00% |
20 |
$889 |
27% |
28 |
West Virginia |
2.90% |
21 |
$1,104 |
58% |
45 |
New Mexico |
2.50% |
22 |
$843 |
21% |
21 |
Arkansas |
2.20% |
23 |
$847 |
21% |
22 |
New Hampshire |
2.20% |
24 |
$1,060 |
52% |
42 |
Washington |
2.20% |
25 |
$901 |
29% |
30 |
Nevada |
2.10% |
26 |
$721 |
3% |
14 |
Maine |
2.10% |
27 |
$1,065 |
52% |
43 |
Arizona |
2.10% |
28 |
$666 |
-5% |
6 |
Vermont |
2.10% |
29 |
$1,391 |
99% |
50 |
Nebraska |
1.90% |
30 |
$998 |
43% |
36 |
Idaho |
1.90% |
31 |
$746 |
7% |
18 |
Kentucky |
1.80% |
32 |
$971 |
39% |
34 |
Montana |
1.70% |
33 |
$704 |
1% |
13 |
Tennessee |
1.70% |
34 |
$861 |
23% |
25 |
Pennsylvania |
1.70% |
35 |
$1,176 |
68% |
47 |
District of |
1.60% |
36 |
$724 |
3% |
15 |
South Dakota |
1.60% |
37 |
$931 |
33% |
32 |
Colorado |
1.60% |
38 |
$856 |
22% |
23 |
Alaska |
1.60% |
39 |
$902 |
29% |
31 |
Iowa |
1.50% |
40 |
$1,045 |
49% |
40 |
Oklahoma |
1.40% |
41 |
$856 |
22% |
23 |
Missouri |
1.30% |
42 |
$1,071 |
53% |
44 |
Indiana |
1.30% |
43 |
$999 |
43% |
37 |
Kansas |
1.30% |
44 |
$882 |
26% |
26 |
Wyoming |
1.30% |
45 |
$888 |
27% |
27 |
Illinois |
1.30% |
46 |
$1,045 |
49% |
39 |
Ohio |
1.10% |
47 |
$1,047 |
50% |
41 |
Wisconsin |
0.80% |
48 |
$973 |
39% |
35 |
Michigan |
0.80% |
49 |
$1,008 |
44% |
38 |
Utah |
0.60% |
50 |
$654 |
-6% |
4 |
Minnesota |
0.60% |
51 |
$900 |
29% |
29 |
About ValuePenguin.com: ValuePenguin.com, now part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page and follow us on Twitter @ValuePenguin.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
Media Contacts:
Divya Sangam
646 693 8445
[email protected]
SOURCE ValuePenguin
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