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Get Flood Insurance North Dakota & Save Money Too.

flood insurance North Dakota

People in North Dakota save on average $500 to $1,457+ on their annual flood premiums.

In many cases, we save them even more. Get the cheapest flood insurance in North Dakota without sacrificing coverage.

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Flood Nerds will shop the private flood insurance markets and then compare them to the NFIP, guaranteeing you the better option. We will send you the cheapest flood insurance rates within minutes.

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Paying for low-cost flood insurance is awesome. And letting the Flood Nerds shop your property has other benefits – you can get better coverage while saving money, and you can get it fast.

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Better Flood Insurance is an independent flood insurance broker that shops flood insurance ONLY.  Flood Nerds are Flood insurance experts. We have 5000+ happy clients and 390+ 5-star reviews. 

Does my North Dakota homeowner insurance cover flooding?

A typical North Dakota 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 North Dakota?

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

We believe that most homeowners think about Flood insurance in North Dakota 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 currently too close to our home. 

If your home or business is in a flood zone, that is considered low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some 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.  In 80 percent of these individuals, they had water in their home 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 hear often that people believe that the government will help, and this is true.  However, there are a few things that 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 – The average amount of assistance that homeowners get 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 in the form of a loan and you will need to pay it back.  Are you willing to gamble away your financial future by forgoing flood insurance coverage?

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 for part of the risk. Our recent storms are facts that it can rain anywhere within North Dakota, 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 really is.

The average cost for North Dakota 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 North Dakota flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an areas flood risk can leave property owners under or uninsured.

How much is flood insurance in North Dakota?

North Dakota NFIP flood insurance.

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

1 – The National Flood Insurance Program (NFIP), also known as FEMA, which 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.

North Dakota private flood insurance market

There are alternatives to the NFIP or government insurance.  It  is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in North Dakota. We shop all the options for your property in your region to ensure you are getting the best premium.  If you are ready to have us do the work for you, please click here.

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

Lloyds of London Flood Insurance North Dakota Market

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

 

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body.  This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.

 

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

Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe.  You see the “game” of insurance is to spread your risk since Lloyds is worldwide.

 

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

How much does flood insurance cost in North Dakota?

There are many factors that go into getting the cost of flood insurance for North Dakota. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.

 

North Dakota 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):

The average cost for flood insurance in North Dakota 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 North Dakota depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in North Dakota with a slab on grade foundation.

 

We will look at the North Dakota 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, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in North Dakota.

Cost of Flood Insurance in NORTH DAKOTA in high-risk flood zone AE

Our example is in Fargo, but the premiums will be the same if in Bismarck, Valley City, Burleigh, Grand Forks, and many other North Dakota flood zones.

 

In our example, the Base Flood Elevation (BFE is 5368) and is a home that is built before 1973

 

NFIP option in North Dakota 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 $2,300

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

North Dakota Private flood insurance – Lloyds 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 $689.00

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 do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

 

North Dakota Private flood insurance – Lloyds of London Flood Insurance (option 2)

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

Lloyds of London (option 2)  Annual premium in High-Risk flood zone is $950.00

This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE.  In our example, with our BFE being 5368, if the lowest floor is 5364, then they will not accept this risk.  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, then that will need to be added.

 Private Flood insurance option (option 3)

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

Private flood insurance (option 3) Not Lloyds,

Annual premium in High-Risk flood zone is $1,500

This option will take properties that have had one flood loss as long as it has been 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 –  Lloyds of London (option 4)

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

Annual premium in High-Risk flood zone is $619.20 (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 into any of our options above. We can adjust coverages to control premium. As mentioned before, this underwriters’ rates are all over the board.  It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate.

 

Private Flood insurance –  Lloyds of London (option 5)

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

Annual premium in High-Risk flood zone is $1,915.86

 

This option came out of the company that used to run the NFIP program, so the coverage almost exactly 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 swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage.

 

Private Flood insurance –  Lloyds of London (option 6)

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

Annual premium in High-Risk flood zone is $2,904.05

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 seems to be a glitch sometimes.

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

Currently, North Dakota has 9,620 NFIP policies in force to date with the total cost of $6,508,184. That would make the average for North Dakota $676. Of course, some will pay more, and some will pay less.

 

Click here to have us shop and save you money.

 

Hello, North Dakota!  Thanks for visiting our page for all your flood insurance needs.  Let’s start with Valley City, North Dakota.  Valley City has an average flood rate of $1,204 which includes 204 active flood policies.  The total premiums written in Valley City are $245,666.

 

Bismarck, North Dakota has 556 flood policies in effect.  Bismarck’s average flood rate is $695.  The total written premium here is $386,519.

 

$744 is the average flood rate for Burleigh, North Dakota.  The total number of active flood policies is 238 with $177,137 in written premiums.

 

Hello Fargo, North Dakota!  You, by far have the highest number of flood policies in the state, totaling up to 3,246!  The written premiums in Fargo are $1,807,834 which allows the average flood rate for Fargo to be $557.

 

Harwood and Stanley, North Dakota have a combined total of 149 active flood policies.  The average flood rate for Harwood and Stanley is $933 which includes $139,082 in premiums.

 

Glad to have you stop by West Fargo!  Your average flood rate here is $784.  This includes 158 active flood policies and $116,735 in premiums.

 

Grand Forks, North Dakota!  Nice to see you!  You have quite a few active flood policies – 439 to be exact.  The total premiums in Grand Forks are $315,266 which allows the average flood rate to be $718.

 

$589 is the average flood rate in Mandan, North Dakota.  The total premiums in Manda are $97,052 which includes 165 active policies.

 

There are 247 flood policies in effect in Morton, Drayton, Devils Lake, and Lisbon, North Dakota.  In these areas, the average flood rate is $828, which includes $204,562 in premiums.

 

In Belfield, Dickinson, Stark, and Jamestown, North Dakota, there are 160 active flood policies.  The total premiums in these areas are $190,912 which allows the average flood rate to be $1,193.

 

431 is the number of active flood policies in Grafton, North Dakota.  The average flood rate in Grafton is $1,098.  This includes $473,422 in written premiums.

 

Finally, let’s look at Walsh and Burlington, North Dakota.  The total flood policies here are 161 with $87,322 in premiums.  The average rate for Walsh and Burlington is $542.

 

Thanks for checking out all the flood information on North Dakota!!

 

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.

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