The Insurance Bureau of Canada estimates that most Canadians can purchase overland flooding insurance for $100-$300 a year. If you live in an area that is at increased risk of flooding, the premium could jump to $500-$1000 a year, the IBC says. Premiums can also change depending on how often insurers are having to pay out claims — the more they pay out, the more likely premiums could climb. To gauge how much you will pay, we recommend that you compare quotes from dozens of insurance providers. You can do so using our online quote tool. It takes less than three minutes and is free. In general, the quotes you receive will be influenced by a range of factors. Location is one of the most significant. For example, if your house is on a flood plain, your insurance is likely to be more expensive. In some instances, coverage could be denied. If you are in a city that has subpar sewer infrastructure, you may also end up paying more. Your proximity to bodies of water is also considered.