Flood Insurance - Have it? (1 Viewer)

[Chemical X]

with the donslaught of severe weather and the recent Midwest flooding, I am debating the purchase of voluntary flood insurance. wonder if anyone else has gone this route. I have heard people say they have not seen this much rain/water in 50-70 years. regular homeowners does not cover flooding and disaster relief only offers low interest loans. I have a small brook as part of the neuse river well behind my lot, roughly 1/4-1/2 acre away. my quote thru the Feds for 150k/60k was 405-. 150k structure and 60k personal. it would seem unlikely that a flood would hit my 2nd floor, much less my 1st, but I am wondering if this is money well spent or just an overreaction. reducing to 100/40 only saves about 30- on the annual premium. thoughts and prayers?

 

[IC FBGCav]

I would start building an arc instead. Come by and get me when the floods hit.

 

[Chemical X]

you can lay on The mattress that Will be strapped to my car roof.

 

[eoMMan]

Where do you live?

Where I'm at in FL, it's mandatory.

 

[Kal El]

In my section of FL, it's optional, and we had it for several years, but never had flooding, so we stopped it for this year. My house is technically in a flood zone, but we're several feet above the road, and as bad as it rains here, the water has never gotten that high. If you're near a body of water, it might be a good idea, and even though the creek near the front of my neighborhood connects to the St Lucie River, it's pretty far away from the actual ocean inlet.

 

[IC FBGCav]

We live in Raleigh, NC area. He is talking about Holly Springs, NC.

 

[lod01]

Hell no. You would need the biggest flood in history. If our house gets flooded that would mean millions are dead including the insurance agents.

 

[gianmarco]

I has it.

 

[beer 30]

If you live in a flood plain then it's typically required by your mortgage company. We had to have it when I lived in one and provided very little in the way of help when we flooded but that was more my education on what exactly flood insurance covers than the coverage sucking. Gubment flood insurance only covers major appliances so if you have a finished basement, well you shouldn't live in a flood plain with a finished basement.

No way I would buy it unless it was required unless recent building has redirected where water will flow when it does flood.

 

[worrierking]

I do not live in a flood plain so I am not required to have it, but after Hurricane Rita I purchased it anyway. The insurance companies are notorious in trying to claim damage is flood damage, not wind (they are responsible for wind, but not flood).

I live at 19 feet above sea level. Ike and Rita both had floods that reached 15 feet above sea level near my house, so I think it is the prudent thing to do. It's not expensive ($400/annually) since I am not in a flood zone. It's good for peace of mind.