Callitaday2022
Recycles dryer sheets
My dad lost hundreds of thousands when the city said his apartment building wasn't in a flood zone any more, then a few years later a 100 year storm flooded it about 2 felt deep throughout.
My flood insurance went up this year by $200 from last year. Now it is $689. Since I am a little over 100yds from the ocean I think I will keep it and be glad I have it. My Wind insurance just went under but was higher too. Way more than flood ins. I don't think I will buy it anymore and hope there are minimal strength hurricanes. My house is concrete block with a standing seam metal roof and hurricane panels for the windows so I should be able to get by without wind insurance.
Cheers!
I think you need to look at the topography around your house to determine if flood insurance is a good deal for you. In many instances, the risk if very localized.
^^^^^
Just curious, do you now or have you ever lived in the greater Houston area for more than 10 years?
In the 50 + years I lived there I think I've seen just about every area of town have flooding problems at one time or another... Sometimes one side of town is a disaster area and the other side has had minimal rain or at least no flooding of any kind. I will admit that the south and east sides seem to get hit more often but I've seen every area from Sugerland to Katy to Cypress to Spring to Kingwood to Channelview, to Clear Lake to Friendwoods, to Pearland, etc, and all points in-between get hit at one time or another. Of course places like the Heights area (Center Ciry) has been hit hard a lot.
I had $15K in foundation damage from water flow under my house. Homeowners insurance didn’t cover because water that was already on the ground was considered “flood”. I looked into flood insurance, and it would only cover if 1 square mile was flooded. Not likely considering I live on a pretty good slope.
It might vary by location, but here in South Carolina localized rainwater runoff damage would not be covered by flood insurance. Has to cover a square mile to qualify.
I think the term is that flood insurance covers rising water not falling water while homeowner's insurance covers falling water but not rising.
This. Our back yard is the Mississippi river but we're on a bank about 15 feet above the highest water we have seen. No thought to buy insurance.
The FEMA flood insurance program has a large deficit mostly due to underpricing insurance for some high risk areas. They are raising those rates so I was thinking that insurance for low risk areas might become more affordable.
The local independent agent wouldn't give me a quote for flood insurance only so I contacted Farmers/Foremost from the list. https://www.floodsmart.gov/flood-insurance-provider
My "total premium" with surcharges and fees was $625 for 250k building coverage and 100k contents for zone X minimal risk. Raising the deductible to 10k, the maximum, saves only $30. The 250/100 limits are the maximum and wouldn't cover my cost to rebuild.
This seems like a lot to pay for partial coverage in a "minimal risk" zone. Am I making a mistake?
Without knowing any of the specifics of where your home is located I would make the following observation: the simple fact that you looked into flood insurance suggests it is not out of the realm of possibility to your mind.
That suggests you should purchase Flood Insurance.
If you don't and a flood happens. Don't sue your agent.