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Does my Nevada homeowner insurance cover flooding?

A typical Nevada homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

Do I need flood insurance in Nevada?

Having flood insurance coverage in Nevada is important because our beloved Cowboy State has seen a fair share of flooding, and more is likely coming.

We believe most homeowners think about Flood insurance in Nevada at some point, maybe before buying a home or during the closing process. However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening too close to our home.

If your home or business is in a flood zone, that is considered a low flood-risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.

I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk.

After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. 80 percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage.

In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.

We often hear that people believe that the government will help, which is true. However, a few things must align for you to get government assistance.

1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.

2 – Homeowners’ average amount of assistance after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes as a loan, and you will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?

Are you willing to gamble your financial future by forgoing flood insurance coverage?

Nevada Flood zone map

One more note on these low-risk flood zone maps. Many of these Nevada flood maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.

Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Nevada, and you should consider getting flood coverage so you are not uninsured when you need it most.

FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.

The average cost for Nevada flood insurance in these Low-risk areas is $595 per year.

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Nevada flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.

How much is flood insurance in Nevada?

There are many options available in Nevada regarding flood insurance, but they fall into two main categories.

1 – The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.

2 – Not “private flood insurance” but NFIP Resellers

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below, then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

Nevada private flood insurance market

There are alternatives to the NFIP or government insurance. It is called Private flood insurance, most notably Lloyd’s of London Flood insurance. However, there are other options available in Nevada. We shop all the options for your property in your region to ensure you are getting the best premium. Please click here if you are ready to have us do the work for you.

Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.

Lloyd’s of London Flood Insurance Nevada Market

Nevada is fortunate to have many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.

Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company but a corporate body. This structure works well since it has been around for over 330 years. Lloyd’s operates under multiple financial backers pooling their capital to spread the risk.

I have two blog posts that deeply dive into Lloyds of London and what they mean to Nevada’s flood insurance market. If you are interested, the links are below.

Lloyd’s of London Flood Insurance

NFIP vs Private flood insurance

Lloyd’s also insures the world with flood insurance, meaning they cover flooding events in India, Australia, and much of Europe. The “game” of insurance is to spread your risk since Lloyds is worldwide.

My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.

How much does flood insurance cost in Nevada?

Many factors go into getting the cost of flood insurance for Nevada. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.

Nevada flood insurance low-to Moderate Risk rate and cost. This is Flood Zone X, which is not lender required flood zone.

This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below):

NFIP Maximum Coverage Limits

The average cost for flood insurance in Nevada with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.

Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Nevada depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in Nevada with a slab-on-grade foundation.

We will look at the Nevada cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Nevada.

Cost of Flood Insurance in NEVADA in high-risk flood zone AE

Our example is Fallon, but the premiums will be the same if in Clark County, Henderson, Los Vegas, Carson City, Reno, and many other Nevada flood zones.

In our example, the Base Flood Elevation (BFE is 3968) and is a home that is built before 1984

NFIP option in Nevada Flood Zone AE

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $2,671

This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.

Nevada Private flood insurance – Lloyd’s of London Flood Insurance (option 1)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyd’s of London (option 1) Annual premium in High-Risk flood zone is $890.00

This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They offer basements coverage, about $2,000 for loss of use, and $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

Nevada Private flood insurance – Lloyd’s of London Flood Insurance (option 2)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyd’s of London (option 2) Annual premium in High-Risk flood zone is $1,047.09

This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks; however, they do not write any property in a designated floodway or has a depth of -4 under the BFE. In our example, with our BFE being 3968, they will not accept this risk if the lowest floor is 3964. They will not take anything that has had a flood loss. They offer limited coverage for basements and do not require an Elevation Certificate to rate, as a percentage of coverage for loss of use. If you want coverage for other structures, that will need to be added.

Private Flood Insurance – Lloyd’s of London (option 3)

This option must be written on the Replacement Cost Value (RCV) of the building. Otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option

Coverage of $250,000 (RCV) building coverage, No Contents, and $5,000 deductible

The annual premium in a High-Risk flood zone is $576.65 (great price).

This options rating system is all over the board. Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, slightly different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premiums. As mentioned before, these underwriters’ rates are all over the board. It is worth shopping through to ensure we are getting you the best premium possible. They don’t need an elevation certificate to rate.

Private Flood Insurance – Lloyd’s of London (option 4)

Coverage of $250,000 (RCV) building coverage, No Contents, and $5,000 deductible.

The annual premium in High-Risk flood zone is $1,134.60

This option came from the company that used to run the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses which will cover your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this). They also offer a unique swimming pool clean-out, so ask for this coverage if you have a pool.

Private Flood Insurance – Lloyd’s of London (option 5)

Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.

The annual premium in High-Risk flood zone is $650.00

This options rating system is also all over the board. Sometimes we get a crazy low price; other times, the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years, or sometimes they jack the price way up, so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also sometimes seems to be a glitch.

More options are coming online every day, and we are working to be looking into every viable option.

Nevada Flood Maps

Currently, Nevada has 12,213 NFIP policies in force to date, with a total cost of $8,083,596. That would make the average for Nevada $721. Of course, some will pay more, and some will pay less.

Hello, Nevada! Thanks for visiting our page for all your flood insurance needs. Let’s start with Churchill, Nevada! You all have 164 flood policies in force. The total premium written in Churchill is $113,936, which allows the average flood rate for your area to be $695.

In Fallon, Nevada, the average flood rate is a little higher at $920. The written premium in Fallon is $117,802, with 128 policies in effect.

$618 is the average flood rate for Clark, Nevada. So nice to have you here, Clark! Your total written premium is $855,532 with 1,384 flood policies in your area.

The average rate lowers a bit at $540 in Henderson, Nevada. There are 406 policies in Henderson with $219,595 in written premiums in your area.

Hello Las Vegas! Five hundred eighty-five flood policies are in effect in Las Vegas with $301,790 in premiums. This allows the average flood rate in Las Vegas to be $516.

Moving a little north, we visit North Las Vegas! North Las Vegas has an average flood rate of $471. This includes 161 flood policies with $75,817 in premiums.

Douglas, Nevada, has 1,037 flood policies in effect. The average in Douglas balances out to be $719. This includes $745,728 in written premiums.

$1,273 is the average rate for Elko, Wells, and West Wendover, Nevada. There are 96 flood policies in this area with $122,232 in premiums.

There are 373 active policies in Carson City, Nevada. Carson City’s average flood rate is $713, with $265,841 premiums.

The average in Lander, Nevada, jumps to $1,284, which is higher than the state average. There are 120 flood policies here with $154,061 in premiums.

When we look at Caliente and Lincoln, Nevada, we see they have 101 active flood policies here. The total premiums for Caliente and Lincoln are $64,219, allowing their average flood rate to be $636.

Fenley, Nevada, has an average flood rate of $791. The policies active here total 80 with $63,307 in premiums.

Two hundred forty-seven policies are in effect in Lyon, Nevada. Lyon has an average flood rate of $635 with $156,883 in premiums.

There are $66,461 in premiums written in Yerington, Nevada. The average flood rate is $764 in Yerington, with 87 active policies.

When we look at Mineral, Nevada, we find 160 flood policies. Mineral has $109,941 in premiums which causes the average flood rate to be $412.

Hello Nye, Nevada! You all have the most flood policies in the state, 3,148! Nye’s average flood rate is $412. The premiums in Nye total up to $1,295,853. Thanks for stopping by, Nye!

Storey, Nevada, has 214 flood policies with $104,374 in premiums. The average flood rate for Storey, Nevada, is $488.

Glad you all stopped to visit our page in Reno, Nevada! You all have 1,070 flood policies in effect in Reno. The average rate here is $747, which includes $799,494 in written premiums.

$1,328,133 in written premium is what we find in Sparks, Nevada. The average rate in Sparks, Nevada, is $3,304. There are 402 active flood policies in Sparks.

One thousand thirteen flood policies are in effect in Washoe, Nevada. In Washoe, the premiums total $924,264, which allows the average flood rate to be $912.

Looking at our last locations, there are 131 active flood policies in Ely and White Pine, Nevada. The average flood rate for Ely and White Pine is $1,032, which includes $135,243 in premiums.

Thanks for checking out all the flood information on Nevada!!

Nevada Flood insurance rate map

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures yearly. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. A recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.