Do you carry flood insurance?

If FEMA doesn't see your home as a flood threat, I wouldn't worry about it to much. Just research around to see, who has the best rate. Since you live on a hill, you can always build a retainer wall around the bottom to keep water from even getting half way up your hill. A wall might be cheaper than getting flood insurance. I know what you mean by being on a tight budget. Good Luck in the decision that you make.

We do carry flood insurance on our home. It is mandatory because we live in the flood plain of a river. The last time it flooded was 1977. Many changes have been made that supposedly will stop the river from flooding the area in which we live, but I wouldn't want to take the chance. A few years ago we had a long priod of rain and it really came close to coming over its banks near us!

I have flood insurance not just as a preventive measure but because I know my home will be flooded. I live in Florida and during the hurricane season it is just a matter of time that my home will get water damage.

No I do not carry flood insurance. I do not live in an area that floods. There is places in our town that does flood at times but not to often. The people that live in that area do carry flood insurance. When we get rain it usually dont rain a lot, but it did happend where we did get a lot of rain and people did get there basements with water in them.

I know that we need it, especially living two miles south of the Maumee River in Ohio, but we couldn't afford it. We have lived here a year now and have two sub pumps and used them alot in the spring but haven't used them since then. Haven't had to. But sometimes I wonder with all of the flooding that is going on.

You also have to be careful with that..it does not cover subterranean loss. So if you put 20 grand to fix up your basement and it is below ground level, you will find that you will get a big fat 0 for those damages. I think we are betting bad things will happen to us and they are betting they will not happen-hence we are betting against ourselves. I would look very carefully before I put money into it. I lived between 2 creeks in my last house and how many times we saw the mud come up to the door step...but we never collected on it (we did not have a basement). I have been in this house 18 years and have seen no evidence of flood danger..I will take my chances.

We do not have flood insurance. Heck we can't even afford health insurance.

No, I don't, but I do carry renter's insurance. If I live in an owned by me house ever, however, I will have flood insurance.

Hi thoroughbob. You're right about the flooding, I live in Illinois and we're experiencing some crazyness here. I too live on a hill but two weeks ago has 6 inches of water in my lower level. Even if I would've had a flood policy the damage wouldn't have been covered becasue the flooding in my area was due to the city's neglect of it's drainage system. I work in an insurance agency, and let me tell you a few things about flood insurance. ALl flood policies are generated throught he government, and they are expensive. About $600 annually if you don't live ina flood plain and up to $1200 if you do. Even then you are not guaranteed coverage, there's all sorts of loopholes they have to avoid paying claims. Not too mention when the weather is like this you could take out a flood poicy tomorrow and they won't issue it for 30 days becasue there is anticipation of a claim. Same goes for what is called "sump endorsements" on your homeowners policy. If you've never had a problem with water I wouldn't bother spending the money. I hate to say it but it really only does good for those who live in a designated flood plain. Just as an example we had a policyholder whose basement flooded and the claim was denied because their yard wasn't "properly graded" therefore it was written off as neglect of their property, negligence on the part of the homeowner. They didn't get a dime. Of course it is your decision, just be sure you get all the facts and read the fine print before you sign a contract.

This is my understanding from the bankers prospective. If you have a mortgage, and it is a requirement of your mortgage to have it, you live in a flood plain, or really close to one. Otherwise, it is a decision to be thought out carefully. How high up on that hill do you live? Can your escrow company give you a better deal? Or if your insurance isn't through escrow, can your insurance company give you a good deal because you have your house insured and your car insured through them. Here is another thought, if a flood came, what will your insurance cover.... Not a dime. Is your house and the belongings in it worth squeezing another $600 a year. We were looking at buying a house that was considered to be in a flood plan because of the proximity to a canal. The sellers were willing to pay for 5 years of flood insurance to sell the house. Something told us without an inspection that this house had flooded before. We opted for something else. But we still have flood insurance, due to the fact that if we lost our home to a flood, well money can't replace memories, but it can help us build new ones.

Hi there. No we dont have "Flood Insurance" due to the area we live in, is not flood prone... If it were, off course we would do best to take out "flood insurance" too... Have a great day...

$600 does sound steep. After today's news, I'm wondering what it costs to have earthquake insurance. Do you think it's just as expensive? Anyway, back to your subject, ask you insurance about the 100 year flood line compared to where your house sits.

600$ a year, that's quite a lot.In that case, you really need to consider that if flooding often happens. I live the flat groud, so there is no such worries.