A typical Maine 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.
One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, then 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 Maine, 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 Maine 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 Maine 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.
Maine NFIP flood insurance.
There are many options available in Maine regarding flood insurance, but they fall into two main categories.
The Government option, also called FEMA or NFIP, and the private flood insurance market.
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.
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.
Maine 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 grid below):
Here is a link if you want to dig into this one. Be ready for an eye chart because every option is public record and should be standardized to accost whoever writes these policies.
The average cost for flood insurance in Maine with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Maine depends on many factors unique to the structure. We will try to give you an idea for the most common homes we see in Maine with a basement foundation.
We will look at the Maine 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 Maine.
Cost of Flood Insurance in MAINE in high-risk flood zone AE
Our example is in Wells, but the premiums will be the same in York, Old Orchard Beach, Kennebunk, Kennebunkport, Biddeford, and many other Maine flood ones.
In our example, the Base Flood Elevation (BFE is (9.11) and is a home that is built before 1973
Let’s look at Harpswell, Maine where the average flood rate rises to $1,449. The premiums total $217,368 with 150 active flood policies.
Portland, Main has 238 flood policies with $214,022 in premiums. The average flood rate in Portland is $899.
309 flood policies are active in Scarborough, Maine. Scarborough has $344,487 in premiums which allows the average flood rate to be $1,115.
The average flood rate drops to $624 in South Portland, Maine. South Portland has 123 active flood policies with $76,797 in premiums.
Another group we’ll check out is Standish, Windham, Gouldsboro, and Augusta, Maine where the active flood policies number 202 with $238,662 in flood premiums. The average flood rate for these areas is $1,181.
Our next collection of areas includes Yarmouth, Carrabassett Valley, Gardiner, and Hallowell, Maine where the premiums add up to $321,239. The number of active flood policies totals 208, allowing the average flood rate to be $1,544.
$1,040 is the average flood rate for Camden, Maine. The number of active flood policies is 89 here, with $95,526 in written premiums.
The average flood rate drops to $736 in St. George, Maine. St. George has $58,905 in premiums with 80 flood policies in effect.
In Boothbay Harbor, Maine, there are 96 active flood policies with $147,537 in premiums. The average flood rate in Boothbay Harbor is $1,537.
Let’s check out Boothbay, Bristol, Phippsburg, and Fairfield, Maine where the average flood rate is $940. The premiums for these areas add up to be $235,902 with 251 policies in effect.
Our next group includes Fryeburg, Bangor, and Belfast, Maine where the total policies number 147. The premiums here total $263,801, which allows the average flood rate to be $1,795.
247 policies are active in Biddeford, Maine. Biddeford has $242,064 in premiums which allows the average flood rate to be $980.
Kennebunk, Maine has an average flood rate of $950. The premiums in Kennebunk total $313,497 with 330 active flood policies.
The average flood rate drops to $883 in Kennebunkport, Maine. The number of active flood policies total 412 with $363,750 in written premium.
Our final group of areas include Kittery and Ogunquit, Maine where the premiums total $233,607 with 125 flood policies in effect. The average flood rate for these areas is $1,869.
$762 is the average flood rate for Old Orchard Beach, Maine. Old Orchard Beach has 542 active flood policies and $412,738 in written premiums.
Saco, Maine has 245 flood policies in effect with $254,204 in flood premiums. The average flood rate for Saco is $762.
Hello Wells, Maine! You all have the most active flood policies in the state – 841! The premiums in Wells total $964,615 which allows the average flood rate to be $1,147.
Finally, let’s look at York, Maine where the average flood rate is $775. The premiums here total $438,625 with 566 flood policies in effect.
Thanks for checking out all the flood information on Maine!!
V and VE flood zones with the NFIP can be extremely expensive. We have seen premiums that are $30,000 a year for a single home family. This is ridiculous!!
We suggest that you let us shop your V or VE flood zones on to the private flood Market that is underwritten by Lloyds of London.
We have been able to double even triple coverage for oceanfront properties.
The main issue that we see with beachfront properties is that on the NFIP they have a one-size-fits-all solution and many properties are paying over what we consider is a fair premium for waterfront houses.