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Do you have flood insurance?

I read somewhere to have separate flood insurance. ?Why? ?And I also read that 25% of flood claims came from places that are not "flood" zones. ?BTW- I rent so it would just be insurance on property not on a home.

Re: Do you have flood insurance?

  • Most homeowners policies don't cover flood damage, and flood damage can be extremely pricey. That said, flood insurance is also pricey.

    If you just have land, and no structures on the land, I'm not sure flood insurance would be useful.

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  • The price of flood insurance varies dramatically based on flood zones. 

    I asked a question about flood insurance the other day on the Buying a Home board, and one of the ladies there told me that you can find flood zone maps on FEMA's website.  (That's certainly true for those of us who live in areas hit by Katrina/Rita/Gustav/Ike -- not sure whether all states have maps on there.)


     

  • We have flood insurance on top of our other insurance.  Most damage by hurricanes is caused by flooding, not the wind.  And insurance agencies are notorious for not paying out on "flood" damage.

     

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  • We do not have flood insurance since we live on the top of a very tall hill .  We are not in a flood zone and if our house ever flooded, it would have to be a Noah's Ark proportion storm.

    That aside, I used to process home equity loans for a bank.  When you get a motrgage--every single time--they will run a flood certification.  It costs the bank about $25 and is one of those misc. closing fees that you don't even realize they are charging you.  Depending on what type of flood zone you live in, the bank will require you to take out a separate flood insurance policy since it is not covered in standard homeowner's insurance.  If you are not in a flood zone, then it is optional as to whether you purchase the additional coverage

    As far as renting--if you live in a low area and are on the first floor, it would be advisable to have the insurance.  If your apartment floods due to the toilette backing up, that is covered buy your standard renter's policy (assuming you have that).  It will cover the water damage to your furniture and belongings.  But if the flood is due to a natural disaster, just like being a homeowner, your standard policy will not cover the damage to your furniture, electronics, etc.

  • I do not have flood insurance on my current home, I live a mile from a stream at the top of a hill.

    But I did have a FEMA policy on my old home, for the structure only. I did have to make a few small claims and finally for the entire home when Hurricane Floyd put 3' of water on my second floor. FYI- Flood insurance does not cover levels below grade, like basements or cellars.

    I did not insure for contents since the price was exorbinant- 20% of valuation per year in my flood zone. We invested that money and came out ahead of the game. I think this is one of those situations where you research your absolute risk and make a choice based on your comfort level with that risk.

  • I had flood insurance on my bottom floor of a house apartment in NOLA. ?It was only $125 a year for $50K worth of coverage. ?Flooding in the Broadmoor area was merely a matter of time. ?In fact, flood waters reached 3 feet inside my old house during Katrina, and since my house was elevated 2 feet to begin with...well...

    I live in NY now, on a hill across the road from a man-made lake. ?We do not have flood insurance, but I probably would get it if the house were situated on a hill where rain runoff could get so heavy as to cause a landslide into my house. ?I am a bit of a worrier, so knowing that I am covered if something wacky happens is important to my sanity.

  • We do not have flood insurance since we do not live in a flood zone. Friends of ours that live in a flood zone have flood insurance, but their insurance company does not pay for seepage, which according to them is what most of the flooding in NJ is from.

    When we got a Nor'easter a few years ago, my friend could not get money from her flood insurance company because of seepage and FEMA would not pay since she had flood insurance.

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  • We do because we live in a flood zone, even though it has never flooded, despite 10 Hurricanes or tropical storms sicne I bought the house. During Tropical Storm Fay our area got 30+ inches of rain in 2-3 days, 90% of the homes that flooded where not in a flood zone and didnt have flood insurance. I think if I lived in any area that was either low lying, or at or below sea level then even if it was not required I would get it.
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