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-   -   Flood Insurance (https://www.early-retirement.org/forums/f28/flood-insurance-83241.html)

DFW_M5 08-29-2016 10:29 AM

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?

MichaelB 08-29-2016 10:33 AM

There was a recent short discussion here you might find useful. https://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.

Richard4444 08-29-2016 10:44 AM

Being in Florida and adjacent to (but not in) a Flood Zone,. I purchased it.
Insurance = Peace of Mind

Rich

DFW_M5 08-29-2016 11:16 AM

Quote:

Originally Posted by MichaelB (Post 1774161)
There was a recent short discussion here you might find useful. https://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.

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.

MichaelB 08-29-2016 11:26 AM

Quote:

Originally Posted by DFW_M5 (Post 1774190)
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.

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.

DFW_M5 08-29-2016 11:39 AM

Thanks Michael, I will check it out.

Edit, we are near an AE zone which believe has a 1% chance.


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