Top 4 Flood Insurance for 2022

BEST OVERALL

GEICO

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With its impressive financial strength to support its claims, high customer satisfaction ratings, and online quoting and policy access tools, GEICO sits at the top of the heap as the best flood insurance company overall.

Pros

• Online quote calculator
• Claims can be filed through phone
• Discounts if combined with auto or homeowner’s insurance
• A mobile app where users can get a quote

Cons

• Uses third-party companies to underwrite policies
• A limited number of discounted offers
• Cost depends on the exact partner company they cooperate with

Thanks to its solid financial strength and customer experience reputation, GEICO has topped other flood insurance companies as our overall best. 

GEICO was established during the Great Depression of 1936 to insure government employees and military personnel. In fact, its full name is Government Employees Insurance Company. Since 1996, it has been an indirect, wholly-owned subsidiary of Berkshire Hathaway, Fortune magazine’s most-admired property and casualty insurance carrier.2 GEICO boasts an AM Best rating of A++ (Superior), an AA+ rating from Standard & Poor’s, and an Aa1 rating from Moody’s.34

GEICO hires local agents to sell their services, ensuring that clients get the advantage of having local knowledge on their side. You can get an online quote to check the cost of your flood insurance or call to speak to a live agent. To report a claim, you’ll call a live agent at your GEICO partner carrier’s company.

Writing policies nationwide, the typical cost for a single-family primary residence to have a coverage of $100,000 building flood insurance with $40,000 content insurance is $439 per year. Insuring only your home’s content from flood damage up to $100,000 would cost $346 per year.

Policy costs will vary based on whether you live in the home all year or only partially, whether you rent it out to others, or if you’re insuring a commercial property.

GEICO’s coverage will not include carpet and personal property that you keep in the basement. If your home is fully or partially located above water, you won’t qualify for a policy from them. For example, if you have a home that sits on stilts or pilings over the water at the ocean, a river, or a lake, it won’t qualify for GEICO’s flood insurance policy.

Severe Repetitive Loss Property, TFIA will not be able to provide flood insurance.

BEST FOR VETERANS

USAA

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USAA provides flood insurance through the NFIP and through its broker network for excess coverage, so its flood policy offerings can adapt to your needs. Policy adaptability and generous member reimbursements make USAA the best flood insurer for veterans.

Pros

• A mobile app for easy access
• Available in all states
• Specialized veteran insurance
• Customer service is highly rated by its long-term membership

Cons

• No local agent option available
• Available only for U.S. service members, veterans, and family members

USAA offers an array of insurance types specialized for armed service members of any rank and their families, and shares its annual savings on its claims budget with its members to earn our vote for the best flood insurance company for veterans, active duty, and their families.

A group of 25 army officers started USAA to insure one another’s vehicles in 1924. It provides services in 50 states and Washington, D.C., and has about 34,000 employees and 12.8 million members. AM Best has given it an A++ (Superior) rating.7 

NFIP covers building and property up to $250,000 and personal property up to $100,000. If you want coverage above the NFIP limits, USAA can arrange for excess coverage for you. It also sells coverage to condo owners and renters.

The company has an online quote form, or you can start the process with an agent by phone. USAA has a good reputation for customer service available 24/7 through phone and email after buying your policy. They also have an app where you can submit a claim and view your account remotely. 

Writing policies nationwide, the average annual price ranges for $250,000 of building coverage and $75,000 of contents coverage on a single-family home is $2,000 to $3,000. Variables that can affect your price include address, flood zone, size of the home, whether it is located above water, and the type of foundation or basement.

With USAA, you can get an online quote for a one- to four-family home that has not experienced a flood loss. Outside of those parameters, you need to call USAA to talk to a flood specialist.

BEST FOR COMPREHENSIVE COVERAGE

Neptune

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Neptune can tailor your policy to cover more of your assets than any other insurer, making it our top choice for comprehensive coverage.

Pros

• Online residential quote tool
• Available in all states except Kentucky and Alaska.
• Covers assets that other insurers won’t

Cons

• Professes to be a tech innovator yet requires phone contact to file a claim

The NFIP and other private flood insurance companies won’t cover a long list of assets that Neptune will, making Neptune our most comprehensive flood insurance company. With Neptune, you can shape your policy to include replacement cost, temporary living expenses, basement contents, pool repair and refill, detached structures like garages, and business interruption payments.

Neptune was founded in 2016 by merging technology, math algorithms, and insurance knowledge. All of their policies benefit from an AM Best rating of A.8 They provide residential and commercial flood insurance, and their ideal customer is someone who has better things to do than spend lots of quality time with their insurance agent. They pride themselves on serving consumers who want convenience and self-help services for efficiency.

Neptune does online residential quoting, but you do have the option to talk to an agent or send an email. Commercial quoting must be done by phone with an agent. After you buy a policy, you can make payments in your customer portal. For policy changes, questions, endorsements, or cancellations, Neptune wants you to call them.

You can report a claim by calling or emailing the company, or contacting your local Neptune agent who wrote your policy. The Neptune Claim Adjuster will contact you within two hours of reporting your claim and guide you through their short claim process. Neptune does not require pictures nor elevation certificates like other companies do.

The company writes residential and commercial policies nationwide, with a few random states still unavailable, namely Kentucky and Alaska. They’ll also write commercial policies everywhere except Kentucky and Alaska. 

The average cost of a residential policy with $250,000 of building coverage and $100,000 of contents coverage in a low- to medium-risk area falls between $1,250 and $1,800 a year. Location, construction, building, residency, basement type, number of stories, and whether you rent the dwelling to others or you are the renter will all change the policy pricing.

Neptune’s long list of policy inclusions is what sets it apart as the most comprehensive. The fact that you can cover your personal property stored in your basement, your pool, temporary living expenses, and extra buildings on your property are all notable policy inclusions that make Neptune stand out from the crowd.

BEST AFFORDABLE OPTION

Better Flood Insurance

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Better Flood Insurance uses the power of leverage to get you the most affordable flood insurance rates. This company scours the network of insurers on your behalf, saving you hours of research to match you to the program that fits your situation best. As a result, Better Flood Insurance can deliver the most affordable flood insurance options.

Pros

• Flood insurance is all they do
• Their shopping includes many Lloyd’s of London and other private flood insurance options
• High customer service ratings
• Instant flood insurance estimate and comparison tool online

Cons

• The online quote form is very thorough. If you don’t have the patience for it, you may find it off-putting
• Since they are shopping for you, they ask for things that some insurers wouldn’t request, such as an elevation certificate

When you hire a professional shopper like Better Flood Insurance, they evaluate the policies to make sure you are getting just the right amount of coverage at the right price. Many flood policies are written by generalists; as a result, policies are often overpriced and under-insured. Better Flood Insurance gets you the most affordable option, and their expertise has made them the best at what they do, which makes them the best affordable option in our review.

Better Flood Insurance has three strategically placed offices to help you no matter what time zone you’re in. Their staff work in Florida, Colorado, and California in case you want to call them rather than connect with them online. Verified review sites supply ample five-star reviews and testimonials for you to read before you decide to contact them. The insurance companies they will review for you have the same strong financial ratings that our other winners have, plus the backing of Lloyd’s of London in many cases.

This company is best for people who want to make sure they don’t miss out on a better deal and would rather have the experts hunt for them. Consumers pay nothing out of pocket for Better Flood’s service.

The online quote process is similar to others; you fill out an online form describing your property and the coverage levels you’d like. Better Flood then takes your intake form and shops it to their network of insurers. You can also get an instant estimate online near the bottom of their home page.

Since you don’t actually have a policy with Better Flood, you won’t file a claim with them either. Your relationship with them ends once they’ve found you a policy, though you can always go back to them and shop for a new policy if you feel like your insurance pricing is climbing too much. 

For $250,000 of coverage, Better Flood will find you a policy nationwide that costs around $900 to $1,000 yearly, saving you $500 to $600 over an NFIP policy. Factors that affect the pricing are coverage amount, location, foundation and building type, flood zone designation, number of floors, whether there is a garage, age of the home, and occupancy type.