Quote:
Originally Posted by OBXNana
We bought flood insurance without a second thought when we purchased in The Villages. We have property in the Outer Banks that has a high premium and have never filed a claim. We live in PA, no place near an ocean or sound, and had extensive damage from a weak hurricane that was down graded by the time it hit us inland. We had damage. A bank may not require flood insurance for a loan, but that doesn't mean you will never be hit by a storm in the middle of Florida.
It's our personal choice to buy the insurance. Only you can determine your comfort level. There are other threads on this subject that deal with the state of Florida and damage done by storms in the past. You may want to do a search.
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Agreed. We spent a while living in a town that held the dubious honor of being the highest elevated borough in all of PA. Sitting up on top of a mountain we carried flood insurance there. Why? Because as the poster above mentioned there was a slow moving former-hurricane which hung in and poured down tons of water. As the water rolled down the streets it began finding it's way into basements.
One thing that needs to be remembered. When it comes to any form of damage where water MIGHT be considered the culprit do not expect your standard homeowner's policy to step right up and help you out. They will fight like hell to NOT pay you. They will NOT act as your friend.
Living in a place like FL where hurricanes and watery weather are a fact of life a flood policy makes good sense, and since TV as well as the surrounding towns are NOT in "major risk" areas the price for the policies are rather low. Ours costs a little over $200. A small price to pay for peace of mind on a major investment like your home.