A typical Idaho 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.
It is important to have flood insurance coverage in Idaho 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 Idaho 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 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.
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 Idaho, 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 Idaho 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 Idaho 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 uninsured.
Idaho NFIP flood insurance.
There are many options available in Idaho 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 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.
Idaho 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):
Here is a link if you want to dig into this one. Be ready for an eye chart because every option is a public record and should be standardized to accost whoever writes these policies.
Our example is in Boise, ID, but the premiums will be the same in Eagle, Garden City, Meridian, Star, Blaine County, Canyon County, Nampa, ID, and many other Idaho flood zones.
In our example, the Base Flood Elevation (BFE is 2704) and is a home that is built before 1980.
Howdy, Idaho! Thanks for visiting our page for all your flood insurance needs. Ada, Idaho, has 325 effective policies with $174,308 in written premiums. The average flood policy rate is $536 for Ada, Idaho.