Flood Insurance

[eytonxav]

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]

There was a recent short discussion here you might find useful. http://www.early-retirement.org/forums/f28/flood-insurance-earthquake-insurance-83187.html
Do you know what the risk rating is for your area? I believe rates and coverage are regulated.

 

[Richard4444]

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

Rich

 

[eytonxav]

There was a recent short discussion here you might find useful. http://www.early-retirement.org/forums/f28/flood-insurance-earthquake-insurance-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]

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.

 

[eytonxav]

Thanks Michael, I will check it out.

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