Flood Insurance in Georgia

You’d need flood insurance to protect your home and personal property from the potential havoc a flood can cause.

In this guide, we down Georgia flood insurance rates and other important information you need to know to find the best coverage in the state.

The average flood insurance cost in Georgia is $791 annually, but it will rise to $1,332 per year under the National Flood Insurance Program’s new rating methodology. This is about a 68% increase statewide, but the extent to which costs will go up per person varies based on many factors.

The NFIP is a government offering and is the largest flood insurance provider in the country. It’s administered by the Federal Emergency Management Agency (FEMA) and currently insures over 5 million properties nationwide against flood.

It’s the most popular flood provider in every state, including Georgia, where it has over 43,000 active single-family flood policies.

As a result of its size, it’s a good source of information for average rates in Georgia. The table below lists the average cost of flood insurance in Georgia by county before and after the NFIP’s new rating system, called Risk Rating 2.0, takes effect. 

The NFIP overhauled how it calculates flood insurance rates, which unfortunately resulted in general increases nationwide.

RR 2.0 rates were enacted on October 1, 2021, for new NFIP policies. For existing NFIP policyholders, RR 2.0 rates began to take effect on April 1, 2022, but, depending on the size of your increase, it may take some time to realize your full, new risk-based premium since raises are capped at 18% per year.

The average cost of flood insurance in Georgia from the NFIP is increasing in every county except one under RR 2.0. This sounds grim, but not every policyholder’s premiums will rise. And, some places will remain notably affordable. By county, the cheapest flood insurance in Georgia under RR 2.0 can be found in:

For reference, before RR 2.0, Jeff Davis used to have an average flood cost of $497, and seven other counties had average rates below $600. The only county not to have increasing flood rates is Lanier, which is reportedly staying the same at $587 annually, although there are only 20 residential NFIP policies in the county.

Flood insurance financially covers losses to your home and belongings directly caused by flooding. Common instances of flooding occur from storm surges, mudslides, and coastal erosion. Floods from general heavy rains are also covered in some cases.

Flood insurance policies offer two types of coverage: building and contents coverage.

The NFIP is the most common option for flood insurance, but it isn’t your only one. You may be able to get better coverage and cheaper rates from private flood insurance companies in Georgia.

The NFIP is limited in its coverage because it’s a government program, meaning it has more regulations it must follow. Since it doesn’t behave like a traditional company, it can’t make business-minded decisions like a profit-seeking firm trying to compete in the market would.

For instance, the NFIP is billions of dollars in debt and has been for a while since flood claims are so expensive and policyholder premiums don’t cover the costs. FEMA subsidizes flood policies to make them available to everyone who needs flood coverage. They also won’t ever non-renew your policy (unless you stop paying).

The downside of this, though, is that the NFIP has strict policy limits. It only offers building coverage of up to $250,000 and contents coverage of $100,000 for homes. It simply can’t afford to cover the replacement cost of homes in all scenarios if they exceed $250,000.

Private flood insurance companies have grown in number and popularity in recent years. Depending on the carrier, they typically offer higher building coverage, often up to $1 million or more, and contents coverage of up to $500,000 or more.

Private flood insurers can also offer more protection not found in NFIP policies, such as loss of use and replacement cost coverage for belongings. 

The NFIP covers personal property at actual cash value, meaning it deducts depreciation before reimbursing you for your items. You can find private carriers who will reimburse you for the total value of damaged items during a claim.

The best flood insurance in Georgia for your needs may be with a private flood carrier, especially if your home’s value exceeds $250,000. It can’t hurt to get quotes from some private companies when looking for coverage.

The average cost of flood insurance in Georgia is $1,332 annually under the NFIP’s RR 2.0. Flood insurance premiums are calculated accounting for several variables to determine your property’s risk of flooding. The factors that determine flood insurance cost in Georgia include:

Homes that are more likely to flood have higher premiums since the provider’s odds of paying out a claim are higher. 

The location of your home is vital to rates. Carriers examine your distance from water sources, like rivers, lakes, and coastlines. Typically, homes close to the water are much more likely to flood than inland homes and generally have higher rates as a result.

According to FEMA, the counties in Georgia with the highest storm surge risk are:

After these four counties, only five other counties in the state have any risk of storm surge. Most counties in the state aren’t near the coast and thus don’t have to worry about storm surge.

Companies also look at several factors about your house and how it was built to determine premiums, such as replacement cost. Normally, more expensive homes need higher limits and cost more to insure. Companies will also look at your home’s elevation. Houses higher above sea level are less likely to flood. Homes atop hills are less likely to flood than those at the bottom.

Flood insurance companies will also examine the materials with which your house was built. Some materials, such as brick or concrete, generally withstand floodwaters better than others. 

Carriers will also note the history of flooding in your area, occupancy frequency, existing mitigation measures, and more to determine your premiums.

Flood insurance isn’t required by law in Georgia. However, mortgage lenders will make homeowners getting loans on houses in high-risk flood zones maintain a flood insurance policy.

Lenders require flood insurance on homes in high-risk flood zones called Special Flood Hazard Areas (SFHAs) to protect their investment in your property. If the home gets destroyed by a flood, the lender doesn’t lose out on the money they put down. Instead, they (and the homeowner) will recoup their money through the flood insurance policy.

Lenders typically require policy limits equal to the loan’s value or the maximum NFIP limit of $250,000 if your home’s value exceeds it. Institutions often accept plans from the NFIP and private companies.

We’ve broken down the information you need to get quotes, but our help doesn’t stop there. We’d be happy to assist you with getting flood insurance quotes in Georgia online or over the phone. As an independent insurance agency, our agents work with top private flood carriers and the NFIP. We can shop around to help you find the best deal.

You can start your quote by answering a few questions about yourself and your property on our flood insurance quote form. Once you submit it, one of our licensed agents will get back to you with your flood insurance options.

Or, if you’d rather speak to an agent, you can give us a call at 833-255-4117 during business hours, where one of our team members can help you quote over the phone. You can also email us at agent@clovered.com with any questions.

Headquartered just south of Georgia in Florida, our agents are experienced and familiar with all property insurance needs of the southeast.