First time buying flood insurance

[KatieKennedy]

If you are in the flood plain, your mortgage company will require you to insure the structure. It is wise to insure the contents too. As we have seen from the past two years wide spread flooding can and does occur. Your regular homeowners insurance does not cover damage caused by rising water. The cost is a small price to pay if you are ever flooded.

[WRM20]

Originally Posted by Oildog

Yes, Its $450. Its not that expensive considering what you would spend if something bad happened. Like a water line leak in your neighborhood, let alone a heavy rain event.

Keep in mind that a flood is defined as:

Flood - A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from one of the following:

• Overflow of inland or tidal waters
• Unusual and rapid accumulation or runoff of surface waters from any source
• Mudflow
• Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above

If your house is the only one that floods, it's not a flood for insurance purposes unless it's two acres or more of water coverage.


Definition from https://www.floodsmart.gov/floodsmar...sary_A-I.jsp#F

[ToyYot]

Or two properties, one of which is yours