ABSTRACT The fertile floodplain of the Amazon river offers considerable potential for agriculture, yet it is a risk-filled environment with heightened vulnerability due to climate change. The annual flood pulse deposits nutrient-rich sediment on the floodplain enabling increased agricultural productivity during the low water season. However, crops growing on the floodplain are at high risk of loss due to flood dynamics. Drawing on data from household surveys (n = 83), focus group discussions, and key informant interviews, this study assesses potential flood risk mitigation tools for floodplain rice farmers along the Amazon river near Iquitos, Peru. Farmers’ risk mitigation preferences are explored through willingness to pay (WTP) methods for flood-tolerant rice varieties, river information services, and index-based flood insurance. Results indicate that measured ambiguity aversion is a key driver in the decision to mitigate flood risk. The study suggests that the environmental risk context may be appropriate for an index-based flood insurance product, and farmers and local institutions see the promise of flood insurance. With climate change scenarios predicting greater variability in the flood regime, mitigating flood risk is paramount to reducing the vulnerabilities and unlocking opportunities for floodplain farmers in Amazonia.