would you buy flood insurance if you don''t have to?

[Dancing Fire]

we haven't bought any flood insurance in the pass 6 yrs.

 

[somethingshiny]

I think there should be more to the question. If I lived on the top of a mountain I''m pretty sure I wouldn''t buy flood insurance. If I lived on a lake shore, even if I didn''t HAVE to, I''m pretty sure I would.





We get "flooded basement" insurance.

 

[Gullfoss]

Yes. But I may be partial. The cost of Flood Insurance can be quite affordable if you live outside of the Special Flood Hazard Area (SFHA). It can flood anywhere it rains. Even mountainsides away from the coast/shore can flood. Every place in the US is considered to be in a Flood Zone - what''s more important is are you in a SFHA (V zone, A Zone, etc...) vs. a B/shaded X zone or C/unshaded X zone. Your risk may be quite small but you will be happy to have it should a disaster happen. I have seem too many people flooded without insurance because "I don''t live in a flood zone." "It has never flooded here before." It didn''t flood during Hurricane X so I thought I was safe."

You can find out what flood zone you are in by contacting your community''s floodplain manager - usually the building code or city planning office. If they participate in the National Flood Insurance Program then you can usually get it through your homeowners insurance. You may also find that if your community participates in the Community Rating System that there may be a communitywide discount availible.

I am a Certified Floodplain Manager (CFM) throught the Association of State Floodplain Managers (ASFPM) so I do know a little of what I am talking about.

I have been thinking of coming out of lurkerdom for awhile. I can''t believe it''s job related and not JEWELRY that made me break my silence.

 

[neatfreak]

Date: 12/5/2008 9:35:59 PM
Author: somethingshiny
I think there should be more to the question. If I lived on the top of a mountain I''m pretty sure I wouldn''t buy flood insurance. If I lived on a lake shore, even if I didn''t HAVE to, I''m pretty sure I would.

Well said!

 

[cnspotts]

Nope, we do live on top of a small mountain and it does seem to be silly for us, but our neighbors on the down slope....you bet they should have it.

 

[movie zombie]

DF, aren''t you in the sacramento area? there are some nasty flood plains there but if you''re in an area that hasn''t flooded in 200 years, i''d skip it, i think. we certainly didn''t have earthquake iinsurance for the small house we owned in chico....but here in the santa cruz mountains we certainly have it but not flood insurance as we''re not in an area zoned for it.

movie zombie

 

[bebe]

I live very close to a large lake that has flooded. Many of my neighbors are in 100 year flood plains. We do not have flood insurance. Our lot is higher than most around me, but still anything could happen. There is a dam upstream from my lake, if that dam opens again like it did a few years back, then yes, the danger of flooding is very likely.
During Hurricane Ike I did worry about prolonged heavy rainfall resulting in flooding. Luckily the storm moved out quickly. But many areas did flood during Ike, we were just very lucky.
My homeowners insurance comes up for renewal soon. I will be looking into adding if I can.

 

[Dancing Fire]

Date: 12/6/2008 12:16:42 PM
Author: movie zombie
DF, aren''t you in the sacramento area? there are some nasty flood plains there but if you''re in an area that hasn''t flooded in 200 years, i''d skip it, i think. we certainly didn''t have earthquake iinsurance for the small house we owned in chico....but here in the santa cruz mountains we certainly have it but not flood insurance as we''re not in an area zoned for it.

movie zombie

i haven''t live here 200 yrs yet

about 19 yrs ago we had a of lot rain,the streets were flooded but we were still pretty safe from water coming into the house.our house is like 4ft above street level.

 

[VRBeauty]

DF:

Thank you for asking a question that's very timely for me! I paid off my morgage just last month, so for the first time in years I actually have a say in the matter! For the past few years the credit union that held my home equity loan purchased flood insurance for me. They paid far less than my insurance company would have charged me and presumably weren't covering too much more than what I owed them, but still... not that the decision is entirely in my hands, I've been considering buying it. I (also?) live in the Sacramento area, and I remember one year when the Folsom Dam gates were jammed and there was a somewhat real danger of Folsom Lake overtopping the dam, or even some more catastrophic failure. I had informal plans place in case my cats and I needed to move to higher ground!

So your question sent me to the city flood zone maps: http://www.cityofsacramento.org/utilities/flood-ready/city_county_neighborhood_flood_depth_maps.cfm

What I found is that in case of a levee failure, my house is on the non-flood side of the street, while the houses accross the street are in a 1-5 ft flood zone. I'm also just outside the evacuation zone -- I'd be able to keep an eye on my neighbors' houses for them, I suppose! On the other hand, there are two storm drains in my neighborhood that back up and cause street flooding in serious storms, so I suppose there is a potential for trouble, particularly water in the basement, in a prolonged storm even if there are no serious levy failures.

Hmmm... DancingFire and Gullfoss, you've got me thinking!

BTW, welcome out of lurkdom, Gullfoss!

 

[movie zombie]

yes, it was the flood zone maps i was hoping DF would look into rather than attempting to live 200 years........

movie zombie

ps if i was anywhere near sacto, i''d have flood insurance.

 

[VRBeauty]

Date: 12/6/2008 5:46:58 PM
Author: movie zombie
yes, it was the flood zone maps i was hoping DF would look into rather than attempting to live 200 years........

movie zombie

ps if i was anywhere near sacto, i''d have flood insurance.

Ah, but he wouldn''t have to wait 200 years! I figure that clock was reset with the great flood of 1862, which innundated what we now know as downtown Sacramento. So that 200 year flood could occur within the next 64 years....

 

[MichelleCarmen]

I live in a city that''s prone to flooding, but I''ve always lived in a home and now a condo that is not in the official flood zone, but instead above that level, so having flood insurance has not been a priority (but we DID have it with our last home - even thought not necessary). In fact, when my DH and I looked for our new home, we made sure that there would be no way our home could possibly flood since I''ve seen what devastation that can cause. It''s sad watching business go under (no pun intended) when their buildings are under 4-6'' of water and there is not chance of recover. I''ve seen it happen over and over.

That said, how much is flood insurance per year? If it doesn''t break the bank, why can''t it hurt? I think the more insurance the better!!! Even better yet, be sure to have copies of all precious photos in a safe deposit box.

 

[fieryred33143]

We''re required by law to have flood insurance. If it wasn''t required, we would still get it being that we''re in FL.

 

[movie zombie]

most people only worry about 100 year flood plains...good point that the 200 year flood plain is due.

movie zombie

 

[Gullfoss]

Living in the 100 year flood plain means that there is a 1% chance each year that a "100 year flood" will occur.

I am in a coastal area but am still in a C zone (low risk). Our insurance is only $336 a year. A good website to check out is floodsmart.gov. There is a lot of good information on insurance cost, risk of flooding, the cost of flooding, etc.

 

[Gullfoss]

Thank you for the welcome VRBeauty.

 

[Gullfoss]

Oh and it is possible to have structural coverage and not content coverage so make sure your policy has both. And in most cases flood insurance takes 30 days to go into effect.

 

[VRBeauty]

Gulfoss -- thanks for sharing the resource. I''ll check it out!

 

[Elmorton]

If there was any chance my home could flood, oh yeah, I''d buy insurance. I spent my summer watching local TV coverage of flooding and sandbagging efforts, changing driving routes because of flooding, and taking pictures of our flooded downtown. The thing they don''t show you on TV - floods smell awful. That smell alone is enough motivation for me!

 

[neatfreak]

Date: 12/7/2008 2:13:02 PM
Author: Elmorton
If there was any chance my home could flood, oh yeah, I''d buy insurance. I spent my summer watching local TV coverage of flooding and sandbagging efforts, changing driving routes because of flooding, and taking pictures of our flooded downtown. The thing they don''t show you on TV - floods smell awful. That smell alone is enough motivation for me!

Amen to that. The smell is horrid.

 

[Dancing Fire]

Date: 12/6/2008 3:25:45 PM
Author: VRBeauty
DF:


What I found is that in case of a levee failure, my house is on the non-flood side of the street, while the houses accross the street are in a 1-5 ft flood zone. I''m also just outside the evacuation zone -- I''d be able to keep an eye on my neighbors'' houses for them, I suppose! On the other hand, there are two storm drains in my neighborhood that back up and cause street flooding in serious storms, so I suppose there is a potential for trouble, particularly water in the basement, in a prolonged storm even if there are no serious levy failures.

Hmmm... DancingFire and Gullfoss, you''ve got me thinking!

BTW, welcome out of lurkdom, Gullfoss!

basement in Sacto? you must live in an older area of town.

 

[Dancing Fire]

Date: 12/6/2008 5:46:58 PM
Author: movie zombie
yes, it was the flood zone maps i was hoping DF would look into rather than attempting to live 200 years........

movie zombie

ps if i was anywhere near sacto, i''d have flood insurance.

they''re trying to scare you into buying flood insurance.

 

[movie zombie]

not me, DF! i''m not in a flood zone!

again, if i were in sacto, i''d buy it. if i owned my house outright, i''d have it. and some fed programs to help with flooding have only helped those that already had flood insurance. but each to their own. its your $, your time, and your home. we each take risks and know our tolerance for them. but if you don''t have flood insurance and you get flooded, i won''t have any pity for you either....... and, yes, i''m scared enough to have earthquake insurance here in the scruz mountains. this house was finished september 1989 and road out loma prieta very very well. but i''ve seen homes that didn''t and i''m not willing to risk it....besides, we don''t own the home outright and the bank requires it!




movie zombie

 

[Dancing Fire]

Date: 12/8/2008 9:20:11 PM
Author: movie zombie
not me, DF! i''m not in a flood zone!

again, if i were in sacto, i''d buy it. if i owned my house outright, i''d have it. and some fed programs to help with flooding have only helped those that already had flood insurance. but each to their own. its your $, your time, and your home. we each take risks and know our tolerance for them. but if you don''t have flood insurance and you get flooded, i won''t have any pity for you either....... and, yes, i''m scared enough to have earthquake insurance here in the scruz mountains. this house was finished september 1989 and road out loma prieta very very well. but i''ve seen homes that didn''t and i''m not willing to risk it....besides, we don''t own the home outright and the bank requires it!




movie zombie

you know what don''t make sence ?
they say there''s a drought in our area

then they tell us to buy flood insurance.

 

[Gullfoss]

From floodsmart.gov:




Why do I need flood insurance if I live on a hill and will never get flooded?
Floods can occur in any area, although to varying degrees. If you live on a hill or in an area that has never been flooded, your risk may be significantly reduced, but it is not eliminated.


Flooding can be caused by heavy rains, melting snow, inadequate drainage systems, failed protective devices such as levees and dams, as well as by tropical storms and hurricanes. Please make an informed decision about the flood risks you face before deciding not to purchase flood insurance. Talk to your agent for additional details – you may qualify for a Preferred Risk Policy (a lower-cost flood insurance policy).




My community has never been flooded. Why do I show up in a low-to-moderate risk area?
Everyone lives in a flood zone. The fact that a flood hasn''t occurred within recorded history does not mean one hasn''t happened in the past or that one will not happen in the future.


It’s important to note that flood history is only one element used in determining flood risk. More critical determinations are made by evaluating your community’s rainfall and river flow data, topography, wind velocity, tidal surge, flood control measures, building development (existing and planned) and community maps.

Will there be a waiting period for my policy to take effect?
Most likely. There is generally a 30-day waiting period from the time an insurance policy is purchased to when it actually goes into effect.

 

[movie zombie]

what doesn''t make sense?

movie zombie