How do I determine if I need flood insurance?
I talked to my insurance company and they said I live in a low risk flood zone and that the policy and payment if I got flood insurance would be directly with the government (FEMA I believe is in charge.) I am just curious about what people think about getting additional flood insurance; is it worth the additional cost (up to almost $500 a year) or are you better off not getting it and taking your chances?
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Research the pattern of flood damage over the last 30 years in your area. Better to have the coverage if potential for extensive damage will cost you much money in repairs (you live on a sloped area below many other properties; your driveway is significantly sloped toward your garage, which sits below street level, your property has very slow drainage, your municipality has had previous problems, etc.
My house is in a similar location. It would cost me about $800 a year more. I declined and put the extra money in my investment accounts instead. We are in a severe drought, we pray for rain. Purely a matter of personal preference. If you live in an area where it does rain, or rain a lot, I might consider it. I live in earthquake country. Talk about a "premium" . . .
Before deciding, contact an insurance broker and obtain quotes from at least 3 reputable carriers. Here is the A M Best insurance rating site. Look for the highest rated companies and get quotes from them. Read carefully EXACTLY what they cover and what they DO NOT cover. Then decide. Chances are if you become flooded, your home would be uninhabitable for a period of time. (Hurricane people chime in here!) Will the policy just replace your stuff? Help you rebuild? Pay for alternate lodging or hotel bill till you can rebuild? See where I am going here? Look at your budget and then see what is best for you and your family.
http://www.ambest.com/home/default.aspx