According to a new RAND Corporation survey, a lot of Americans living in flood plains are not carrying flood insurance. 61 percent of Southerners are carrying it, but fewer people in the rest of the country.
I find this fascinating. Flood insurance is relatively inexpensive. (I know I keep talking about things being relatively inexpensive, but when you consider the protection you get and the price, this is one of those things.) And, since floods are NOT covered by your homeowners insurance, it is worth the $200 to $400 per year to make sure you are covered. Damage from a flood can cost you thousands, if not tens of thousands of dollars.
If your property floods once every 20 years, and you spend $200 per year on flood insurance, you will have spent $4,000. One flood comes in and does $20,000 worth of damage, and you are ahead, by a lot. Remember, the damage is not just the water, but you will need to replace your flooring, contents, walls, new paint, furniture, etc….
If you are in a flood plain, call your insurance agent and ask about NFIP insurance. It is good protection for your home.