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Home insurance & flood costs in ZIP 98040 (Mercer Island, WA)

Plain facts for homeowners in Mercer Island: what insurance cost here in recent years, how often claims were paid, and what flood coverage runs.

See the numbers

Historical averages, not a quote. Updated Oct 2026.

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ZIP 98040 at a glance

Four numbers most homeowners ask about first.

$2,969
Avg. home premium

Per policy in 2022 (inflation-adjusted), HO-3/HO-5 policies.

$979
Avg. flood policy

Single-family NFIP policies that took effect in 2025.

0.64%
Nonrenewal rate

Share of policies not renewed by insurers in 2022. Typical U.S. ZIP: 0.81%.

3.8%
Claim frequency

Share of policies with a paid claim in 2022. Typical U.S. ZIP: 4.0%.

ZIP 98040 in numbers
$25,501
average paid claim (2022)
+12%
premium change 2018–2022, after inflation
1.07%
cancelled by insurers mid-term (2022)
56
single-family NFIP policies (2025)

What homeowners here pay

Each block pairs a short explanation with the data behind it.

Homeowners insurance

U.S. Treasury FIO, HO-3/HO-5 policies, 2018–2022

The average premium per policy in ZIP 98040 was $2,969 in 2022, about 2.0 times the King County typical ZIP ($1,505) and 91% above the typical U.S. ZIP code ($1,551). After adjusting for inflation, it rose 12% between 2018 and 2022. About 3.8% of policies here had a paid claim in 2022, and insurers chose not to renew 0.64% of policies.

King County overview

Average premium per policy

Inflation-adjusted dollars, Treasury FIO
ZIP 98040KingU.S. typical ZIP

Flood insurance

FEMA NFIP single-family policies, 2022–2025

The average single-family NFIP flood policy that took effect in ZIP 98040 in 2025 cost $979, based on 56 policies, compared with $747 in 2022. About 0% of them are for homes in high-risk A or V zones.

Average flood policy cost

Full cost incl. fees, by year the policy took effect

Policies by flood zone, 2025

56 policies
A zones 0%X/B/C zones 100%V zones 0%

Claims & hazards

Treasury FIO claim frequency; FEMA National Risk Index for King County

The chart shows the share of homeowners policies in ZIP 98040 with at least one paid claim each year. FEMA rates hazards for the whole county, not single ZIP codes. The top hazards for King County are listed below the chart, as national percentiles (100 = highest).

All county hazards

Policies with a paid claim

Share of policies, by year

Top county hazards

  • Earthquake100 · Very High
  • Inland flooding99 · Very High
  • Avalanche99 · Very High
  • Landslide99 · Relatively High
  • Heat wave98 · Relatively High

Other ZIP codes in King County

Average premium per policy in 2022 (Treasury FIO). Showing 12 of 68; see the county page for all.

98001 Auburn · $1,28298002 Auburn · $1,10698003 Federal Way · $1,27298004 Bellevue · $3,00298005 Bellevue · $2,09198006 Bellevue · $1,85498007 Bellevue · $1,50798008 Bellevue · $1,57898010 Black Diamond · $1,42298011 Bothell · $1,47698014 Carnation · $1,72898019 Duvall · $1,517

Practical next steps

Simple things homeowners in ZIP 98040 can do with this information.

Know that earthquake damage is separate. Standard homeowners policies exclude earthquakes. If shaking is a concern where you live, ask about a separate earthquake policy or endorsement and its deductible.
Compare at renewal. Premiums vary widely by ZIP code, home and insurer. Use these averages as a reference point, not a price, and compare a few quotes at renewal.
Keep records. A roof certificate, receipts for upgrades and photos of your home's condition can help when you shop for coverage or file a claim.
Review your deductibles. Many policies have separate wind, hail or hurricane deductibles set as a percentage of your dwelling coverage. Knowing yours in dollars helps you budget.

Historical averages, not a quote. Homeowners figures are inflation-adjusted averages from the U.S. Treasury Federal Insurance Office "Supporting Underlying Metrics" (2018–2022, published January 2025). They cover HO-3/HO-5 policies from participating private insurers and exclude state residual-market plans (such as FAIR plans and Citizens), surplus-lines and flood coverage. Treasury notes that individual ZIP codes can contain data anomalies. Your price depends on your home, coverage and insurer.

Sources: U.S. Treasury FIO; FEMA OpenFEMA NFIP Redacted Policies v3 (data as of Sep 8, 2026); FEMA National Risk Index (December 2025); U.S. Census Bureau ZCTA-to-county relationship file (2020) and county adjacency file; GeoNames place names. How we calculate these numbers.

This product uses the FEMA OpenFEMA API and National Risk Index data, but is not endorsed by FEMA. The Federal Government or FEMA cannot vouch for the data or analyses derived from these data after the data have been retrieved from the Agency's website(s). SafeHomeFacts is independent and not affiliated with the U.S. Treasury, FEMA or any insurer.