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08-29-2016, 10:29 AM
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#1
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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Flood Insurance
Given what happened down in Baton Rouge (as well as other areas), I am starting to wonder whether it would be wise to get flood insurance coverage, although I am not in a high risk area for flooding. Any how, I suspect if you get 10-20 inches of rain in a short period of time, there will be flooding regardless of where you live. Called my insurance company and they wanted $450 year for $250K dwelling coverage (that would only partially cover homes value) and $100K contents coverage. Deductible would be $1250.
I have not checked on Government insurance, so not sure how that stacks up rate wise and benefit wise. Anyone else contemplating getting coverage or already have protection in place?
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08-29-2016, 10:33 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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There was a recent short discussion here you might find useful. http://www.early-retirement.org/foru...nce-83187.html
Do you know what the risk rating is for your area? I believe rates and coverage are regulated.
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08-29-2016, 10:44 AM
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#3
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Full time employment: Posting here.
Join Date: Jul 2011
Location: South Florida
Posts: 551
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Being in Florida and adjacent to (but not in) a Flood Zone,. I purchased it.
Insurance = Peace of Mind
Rich
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08-29-2016, 11:16 AM
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#4
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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Quote:
Originally Posted by MichaelB
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My zone is rated X, whatever that means. The agent told me, everyone pays the same rate in such a zone which I believe in not a high risk area.
I don't know how I missed that other thread, must be a case of ADD.
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08-29-2016, 11:26 AM
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#5
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by DFW_M5
My zone is rated X, whatever that means. The agent told me, everyone pays the same rate in such a zone which I believe in not a high risk area.
I don't know how I missed that other thread, must be a case of ADD.
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X means less than 0.2% annual probability of flooding. That's why your premium is so low. We live in an X zone, but just a few feet away from the X500, which means up to 1% probability. You might want to look at a flood map of your area to see how close the higher risk areas are.
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08-29-2016, 11:39 AM
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#6
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gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
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Thanks Michael, I will check it out.
Edit, we are near an AE zone which believe has a 1% chance.
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