Sunday, August 28, 2011
If you don't live on a flood plain, do you need flood insurance?
If you don’t live in a flood plain, do you need flood insurance? (The question is qualified by the caveat that the government has several levels of flood plain risk.)
It does take at least thirty days to place a policy into effect, and you can’t get flood coverage for a hurricane already named.
Here’s a question from FloodSmart, “is flood damage from wind-driven rain covered?” link. You can check the site for more general information on the National Flood Insurance Program, NFIP.
Homeowners insurance companies often include flyers encouraging the purchase of flood insurance on renewal. Remember, there may be no ordinary policy that covers flood.
If you’re very high above any conceivable stream or river (or ocean), you may not need it. But I would wonder about other possible disasters, like sewage backups, water main breaks, and the like.
While we criticize people for “choosing” to live on the ocean and causing expense, the fact is we depend on people who do that. But I don’t think the government should be in the business of protecting vacation “indulgences” on the beach (Nevil Shute’s pun intended).
FEMA says that 25% of flood claims come from outside flood plains, and that melting snow can be a particular hazard (like the 2010 East Coast blizzards).