Storm shelters cost $3,500 to $15,000 on average with installation. An underground storm shelter costs $4,000 to $20,000+, including excavation and installation. The total cost of a tornado shelter depends on its size, location, and whether it's made of concrete, steel, or fiberglass.

Building bunker costs $40,000 to $80,000 installed. These units are different from storm shelters in that they are designed to withstand more—including nuclear radiation—for longer periods of time. 

Installing a safe room costs $3,500 to $11,200 on average, depending on the size and material. Safe rooms, or panic rooms, are small units designed for short-term safety during a storm or home invasion. 

The cheapest storm shelter available depends on your location and your occupancy requirements. Under-the-bed storm shelters are the most affordable, but they typically only hold 2 to 3 people. Prefabricated concrete is often the cheapest for a larger shelter. Remember to make sure the installation company meets or exceeds FEMA and ICC safety standards.

A storm shelter may increase home value by 3% to 4% if you're in an area prone to tornados, hurricanes, or other kind of extreme weather. Having the added security of a storm shelter or safe room in a house is also sometimes valuable to prospective buyers in milder regions of the U.S.

FEMA does not directly pay homeowners for building a storm shelter, but they do distribute funding to eligible states through the Hazard Mitigation Assistance (HMA) program. To find available safe room funding programs and requirements, contact your State Hazard Mitigation Officer. 

Some states offer a tax credit of up to $3,000 if you build a storm shelter, and your city may offer other local incentives.

If you live in an area that's prone to extreme weather, a storm shelter is a solid investment. It ensures the safety of your and your loved ones during a dangerous event. A basement may be the safest room in a home during a storm, but most basements are not built to resist tornados or catastrophic storms. Storm shelters provide adequate protection from violent wind speeds and debris from an EF5 tornado.

If you live in a very mild climate, you likely would not need a storm shelter.

The National Storm Shelter Association, FEMA, and the International Construction Code require all tornado shelters to have at least 3 to 5 square feet per person. A hurricane storm shelter needs to have at least 7 to 10 square feet per person because hurricanes have longer timeframes, and the occupants may need to remain in the shelter for longer periods.

Prefabricated storm shelters typically take 3 to 8 hours to install. Installing an above-ground model that doesn't need a concrete pad takes less time. Large, custom, or underground storm shelters can take up to 2 to 3+ months to design, excavate, and build.

When searching for a storm shelter company near you, make sure to:

• Get recommendations from nearby family, friends, or co-workers.
• Look for companies that are members of the National Storm Shelter Association (NSSA) and the American Tornado Shelter Association (ATSA).
• Compare several quotes from licensed, bonded, insured companies.
• Check out their customer's reviews on Google and HomeGuide.
• Get a detailed, written contract and warranty before the project starts.
• Only make the final payment when the project is complete.

Asking these questions can help you find the best professional to install your storm shelter:

• How long have you been in business?
• Are your shelters FEMA and ICC compliant? Do they meet local building codes?
• How was your shelter tested? Who tested it?
• What type of storm shelter do you recommend for me?
• How many people will this shelter hold?
• What type of ventilation system do you use?
• Do you have handicap-accessible storm shelters?
• Will there be room for food and water storage in here?
• Do you have a show room where I can see storm shelter options up close?
• How much of a deposit do you require?
• What does this estimate include? What extra costs might come up during installation?
• Do I need a permit? Will you handle the permitting process for me?
• Do you offer a warranty, and if so, what does it cover?
• Once you install the shelter, so I need to do anything to maintain it?