Flood Insurance

We got some flood insurance on our previous house. Not sure why I even bothered. It covers so little it really wasn't worth it. Do your homework on what it will actually cover.

From what I understood, it only covers the house foundation not the whole house and it seemed like it was just a minimal amount of what it would cost to replace the foundation. It will only cover drywall that has not been painted not painted drywall. If the flood was a man made flood it would not cover that either. When we purchased it there was flooding in the area because the dam near us was at capacity and they opened the spill gates wide open. The reason for the dam being so full was because of record snow fall but had we been flooded they would have considered it a man made disaster. It was so frustrating!!!! In the end we kind of considered it a government money grab. All flood insurance is through the federal government.

with figuring insurance cost it is all about location. What is the history of your location? The last time it flooded? all those things make a difference. For example many polices come with earthquake insurance, but up here in Alaska they don't, and to add that protection doubles the cost of our insurance

http://www.floodsmart.gov/floodsmart/pages/about/nfip_ove...

You can get a estimated premium here.

We are about 3 miles from the coast, with marsh IN our neighborhood and directly across the highway from the entrance to our neighborhood... tidal marsh. Between Jekyll and the mainland, basically. Our elevation is around 14 feet.
Don't know that there is any documented flooding here, ever. (Before it was a developed neighborhood, it was family farmland property, undeveloped, for generations).
Our flood insurance is around $700 annually.
Cost of flood insurance isn't JUST location and flood history, flood plain elevation, etc. It also includes the actual house you are insuring.
I can't imagine it would cost you very much to insure for flooding. But I wouldn't forego getting it.

I don't know what to say, but be very glad it is required. We lived on a flood zone many, many years ago and thank heaven it was required. Lost our home not once, but twice to flooding, and eventually it was bought out and destroyed. Never would we have thought that the little trickle in the yard would result in water inside our home covering not only the basement but chest high on the first floor. I hope nothing ever happens to you, but if it does you will be glad they made you do this.Sadly the marriage didn't make it, but I was able to recover from that and got a new husband (okay well it's been eighteen years now so not so new anymore...)