Is Flood insurance a good idea? (Homeowners policy)

I understand it’s not included in a Standard policy, but is the deductible really high? I know insurance is for protecting against risk, but what are the pros and cons about buying this.

  1. 0 POINTS
    Jared Townsend
    Flood insurance is always a good idea. Statistics show that 25% of all flood claims occur in the low risk "X" flood zone. Unless you are at the top of a 50 foot hill I would get a policy! They start around $300/year.

    If you are in a hazard flood zone you will need an elevation certificate. This tells the insurance company how high your home is compared to the surrounding area. Contact a local surveyor to get one.

    - Jared
    Answered on November 24, 2014
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    In a word, yes. Damage to your home caused by flood is always excluded under a standard Homeowners Insurance policy. Anyone and everyone who has a home is situated in a flood zone. Some zones are far more risky than others, but just because you happen to be in a lower risk zone does not mean that you cannot suffer a loss caused by flooding.
    Answered on November 26, 2014
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  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Protection for loss as the result of flood is often overlooked. Nearly 25% or all property claims are flood claims. Many people cannot visualize a flood and yet I have seen flooding in very unusual places. When persistent rain caused mudslides in Marin California, storm drained were plugged with debris and nearby homes were flooded, even in the mountains.
    Answered on February 4, 2015
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