An effective medium theory for resonant and non-resonant metamaterials for flexural waves in thin plates is presented. The theory provides closed-form expressions for the effective mass density, rigidity and Poisson's ratio of arrangements of isotropic scatterers in thin plates, valid for low frequencies and moderate filling fractions. It is found that the effective Young's modulus and Poisson's ratio are induced by a combination of the monopolar and quadrupolar scattering coefficient, as it happens for bulk elastic waves, while the effective mass density is induced by the monopolar coefficient, contrarily as it happens for bulk elastic waves, where the effective mass density is induced by the dipolar coefficient. It is shown that resonant positive or negative effective elastic parameters are possible, being therefore the monopolar resonance the responsible of creating an effective medium with negative mass density. Several examples are given for both non-resonant and resonant effective parameters and the results are numerically verified by multiple scattering theory and finite element analysis.