We do, rates depend on your fema zone. Ours is through farmers, usaa wanted a ton more since they were adamant that it was in a higher zone
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Who buys FEMA flood Ins??
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Originally posted by JayB View PostLike captainsling said, I too thought FEMA was the only place to get flood insurance. I was also under the impression it is cheap UNLESS you live in a flood zone. If in a flood zone, price increases the closer you get to a standard flood plane.
Do any of our resident insurance agents know the truth?
.....and God Bless America.
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Originally posted by jlp04c View PostFEMA is 100% not the only place to get flood insurance...in 2012 congress passed the Biggert-Waters act that allowed private insurance companies to write flood policies.. They must adhere to the NFIP guidelines (they can be better, just not worse). These markets will ALMOST ALWAYS be 40-75% cheaper... but they don't "have" to insure everybody....If it's cheap with FEMA, then it will be cheaper and likely better with a private flood carrier. You are correct that pricing increases closer to the proximity of the floodway.
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I rode through Harvey without it here in west Houston, and was very fortunate to not need it. First thing I did afterwards was call my agent and get signed up. Like all have said above $400 is cheap peace of mind, especially if you have to sit through something like Harvey. I can't tell you how nerve wracked I was after that.
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Originally posted by deerplanter View PostWhy so much? I got quoted a couple years ago for around 500 but never got it. The only way I will flood is from a storm surge and windstorm covers that.
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As someone that went through Ike in 2008 with no flood insurance and then again with Harvey in 2017 with flood insurance. BUY IT!!!!
Our house was 6 months old and had about 40" of water in Ike, in Harvey, we got 6" in the same house. A lot of things have changed over 9 years. Even without insurance in 2008, we received FEMA money and were rebuilt before Christmas, well before anyone with flood insurance in our neighborhood. The folks without insurance in Harvey received about 2/3 of what the 2008 numbers were and had to jump through hoops to get it.
Buy the Flood Insurance, it's a cheap peace of mind.
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Bought my house in Katy that backs up to the diversion channel of Buffalo Bayou in 2007. Being from the country and knowing what bayou's are for, I bought flood insurance even though I was out of the 100 year flood zone. After a few years, a few hurricanes and lots of other flooding near by we never had any issues so I let it go at some point. I think it was honestly just laziness and not calculated.
Fast forward to 2016, tax day flood. Water came up in the street, not from the bayou. I bought flood insurance the next week.
2017 brought Harvey and we had 26" of water in the house. Thank God we had flood insurance as it saved our "assets". Was it easy to deal with? No, but it was worth every penny. My only regret is that I didn't get the max policy limits, which I now have fixed.
$400 is cheap insurance. If you have to ask the question do yourself a favor and buy it.
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