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Flood Insurance Montana: How to Save Money in 5 Minutes

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Flood Insurance Montana

Montana flooding map

Does my Montana homeowner insurance cover flooding?

A typical Montana homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive; for instance, it 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.

Flood mapping

Do I need flood insurance in Montana?

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

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

We believe that most homeowners think about Flood insurance in Montana 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 looms, 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 building 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 on your financial future by forgoing flood insurance coverage?

montana flood map

One more note on these low-risk Montana 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 Montana, 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” then it is.

The average cost for Montana 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 Montana 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 Montana?

Montana NFIP flood insurance.

Montana has many options 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.

Not Private flood Insurance
Llloyds of London Flood Insurance Shopper

Montana 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 Montana. 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 does include the NFIP because sometimes we find that with government subsidies, you can get a much better premium.

Lloyd’s of London Flood Insurance Montana Market

Montana 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 Lloyd’s of London and what they mean to Montana’s flood insurance market.  If you are interested, the links are below.

Lloyd’s of London Flood Insurance

FEMA vs NFIP vs Private Flood Insurance Market

Lloyd’s also insures the world for 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.

Lloyds of London Private Market Flood Insruance

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

How much does flood insurance cost in Montana?

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

Montana 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):

$250K (Residental) /$500K (commercial) Building

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

If your property is in a 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 Montana depends on many factors unique to the structure.

We will try to give you an idea of the most common homes we see in Montana with a basement foundation.

We will look at the Montana 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 Montana.


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

Our example is Great Falls, Montana, but the premiums will be the same if in Kalispell, Anaconda, Lamar, Flathead County, and many other Montana flood zones.

In our example, the Base Flood Elevation (BFE is 3323) and is a home that is built before 1969

NFIP option in Montana 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 $3,247.00

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 showing 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.

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

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

Lloyds’ of London (option 1) Annual premium in High-Risk flood zone is $1047.09

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.

Montana 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 $1,229.06

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 5368, they will not accept this risk if the lowest floor is 5364.  They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate and 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 option (option 3) Not Lloyd’s

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

The annual premium in a High-Risk flood zone is $2923.00

This option will take properties that have had one flood loss for more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.

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

This option must be written on the building’s Replacement Cost Value (RCV). 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 $649.50 (a 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, which is a bit 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 5)

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

The annual premium in a High-Risk flood zone is $1,115.32

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 covering your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer swimming pool clean-out, which is kind of unique so if you have a pool, ask for this coverage.

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

Currently, Montana has 5,225 NFIP policies in force to date, with the total cost of $3,679,000. That would make the average for Montana $704. Of course, some will pay more, and some will pay less.


Flood Insurance Montana

Click here to have our shop and save you money.

Hello, Montana!  Thanks for visiting our page for all your flood insurance needs.  Looking at Dillon, Big Horn, and Blaine, Montana – you all have 811 active flood policies.  The average flood rate for these areas is $811.  This includes $49,469 in written premiums.

One hundred ten flood policies are in effect in Carbon, Red Lodge, and Belt, Montana.  This includes $95,187 in written premiums which causes the average flood rate to be $865 for this area.

Cascade, Montana, thanks for stopping by!  The average flood rate for Cascade is $901.  The premiums total up to $272,148, which includes 302 active flood policies.

Flood Insurance Agents in Great Falls Montana

There are 254 active flood policies in Great Falls, Montana.  The total amount of written premium is $128,829 which causes the average flood rate for Great Falls to be $507.

Flood Insurance Kalispell Montana

lood Insurance Kalispell Montana, you have 42 active flood policies!  You all have $37,580 in written premiums.  This allows the average flood rate in Kalispell, Montana, to be $895.

$661 is the average flood rate for Fort Benton and Custer, Montana.  This includes 52 active flood policies and a total of $34,400 in written premiums.

Miles City, Montana, you have the most active flood policies in your state – 980!  The premiums written here total $550,009, which causes the average flood rate in Miles City to be $561.


$34,745 is the total for written premiums in Anaconda-Deer, Lewistown, and Columbia Falls, Montana.  The active policies for this area are 66, which causes the average flood rate to be $526.

Flood Insurance in Flathead County, Montana

Flathead, you come second in the state with 567 active flood policies!  You all have $406,425 in written premiums.  This allows the average flood rate in Flathead, Montana, to be $717.

In Whitefish and Bozeman, Montana, there are 255 active flood policies.  This causes the average flood rate to be $435, including $110,988 in written premiums.

Three Forks and Gallatin, Montana has one less active policy than above!  They come in at 254 active policies with $166,545 in written premiums.  The average flood rate for Three Forks and Gallatin is $656.

The average flood rate jumps to $1,280 in the following areas: Jordan, Browning, Havre, and Hill, Montana.  This rate includes 62 active flood policies in these areas and $79,363 in written premiums.

The rate drops slightly to $732 for Lake County and East Helena, Montana.  The premium is $58,570, including 80 active flood policies.

Hello Lewis and Clark, Montana!  Thanks for stopping by!  Your average flood rate is $696.  This includes 228 active policies and $158,141 in written premiums.

$808 is the average flood rate for Lincoln and Madison, Montana.  There are 119 active flood policies in this area with $96,116 in written premiums.

Meagher and Mineral, Montana, you all have 37 active flood policies.  The average flood rate for your area is $1,148.  This includes $42,475 in written premiums.

376 is the number of active policies in Missoula, Montana!  The premium written in Missoula is $283,774 which causes the average flood rate to be $755.

Musselshell, Malta, and Phillips, Montana, have 48 active flood policies.  This allows your average flood rate to be $570, which is lower than the state average.  In these areas, the total written premium is $27,375.

$164,810 is written in flood premiums in Livingston, Park, Broadus, Deer Lodge, and Powell, Montana.  The average flood rate for these areas is $891, including 185 active flood policies.

Thanks for stopping by Ravalli, Montana!  You all have 161 active flood policies.  This includes $109,396 in written premiums.  Your average flood rate is $679.

In Richland, Fort Peck Indian, Forsyth, and Rosebud, Montana, there are 45 active flood policies.  The average rate for this area is $1,087.  The written premium totals $48,936.

Hello Sanders, Butte-Silver Bow, and Stillwater!  So glad to have you here!  Your average flood rate is $708.  There are 130 active policies with $92,013 in written premiums in your areas.

$807 is the average flood rate for Sweet Grass, Choteau, and Teton, Montana.  This includes $68,566 in premiums with 85 active flood policies.

Valley, Montana, your rate is higher than the state average at $1,054!  Maybe we can help you save some money!  This average includes $65,372 in written premiums and 62 active policies.

The average rate drops slightly from Valley when we swing over to Billings and Yellowstone.  Their average flood rate is $638.  In Billings and Yellowstone, Montana, there are 362 active flood policies and $230,806 in written premiums.  Thanks for checking out all of the flood

Montana Flood Insurance Cost Calculator

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 year after year. 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. In fact, 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.

Flood Nerd Private Flood Insurance
Robert Murphy is the Founder of Better Flood Insurance a nationwide Flood Insurance Agency. He is a flood nerd, is passionate about education around the need for Flood Insurance.
We shop many options to ensure we get our clients great coverage at the best price.
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