Who buys FEMA flood Ins??

[dc1986]

I have it now. $450 is cheap for peace of mind. Harvey cost me over $90k

[HotRod Hunter]

I have it also like stated before it’s a little over $400 for me

[Atfulldraw]

Great information Rod! Could you give us a ballpark as to how much an additional policy may cost?

It will vary a lot based on how close you are to the flood zone and how much you buy


Also.....now is probably not the time to refinance due to interest rates, however, you can make a call to your company and see what is the highest deductible they will allow.

if your mortgage company will allow it, get the flood insurance and go for the highest deductible that they will allow you to have. We have a small mortgage on our little house on the river and our mortgage company (Flagstar) allowed us to increase the deductible amount to $10k, which saved us about $600 a year in flood premiums.

Flood insurance with a high deductible is much better than no flood insurance at all.

[lunatic'hunter]

Have bought it since '94 when we had a close call. Not in flood zone but creek bottoms not too far behind us is. Still didn't stop Harvey from wiping out our house. Never thought I would need it and at times thought about what I could do with those extra $400. Our little house was paid for.
Now, we have a new house and elevated it 3'. Plan on retiring 2021 so we will have a practically new house with updated appliances for sale. Should give the buyers piece of mind that although we are not in flood zone, we still built the house elevated. Went to a meeting right after flood and found out that 86% of people affected did not have flood insurance.

[tigerscowboy]

$1,100 here in a now shaded area. $250k coverage.

[GLM]

Thanks for reminding me!! Got signed up today but won’t go into affect for 30 days.

[xman59]

I will have flood insurance from now on, I don't care if I live in the top of the sears tower,, I lost everything in Harvey, the entire house clothes, 2 cars, a new tractor, mowers weed eaters 4 chain saws power tools, 2 dogs, every photo and keep sake every document ,,,, the only thing I had left was 2 changes of clothes and a 10 year old truck,,, my shop building survived but nothing inside was salvageable,,,

nothing like working for 40 years retiring and loosing it all and starting over at 60 with a whole lot of nothing......

I was 40 feet above the creek that flooded me,, not even in a 500 year flood plain but it turned out to be year 501,,,,,, I did not have flood ins,, but I do now even though I really don't own anything anymore, it all belongs to the sba now

[Artos]

Thanks for reminding me!! Got signed up today but won’t go into affect for 30 days.

No problem & Apologies for not being quicker on the draw...I meant to ask this question here a couple months ago after chatting with a bud who went through Harvey but brain farted & forgot until talk radio was talking about hurricane season being upon us.

I'm right with ya & never know what's gonna happen, but figure august / sept is where we really need to fret.

[RJK70]

Get it even if you think you have zero chance of flooding. We let ours go after our insurance agent told us we were wasting our money. Our home flooded in Harvey after never having flooded in the 30+ years since it was built. Needless to say we had quite a large rebuild and contents bill that we paid out of pocket.


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