Sunday, August 21, 2011

Flood Insurance



And Ike was just a cat 2.  Keep in mind the seawall is 17 feet high and normally far from the water's edge.  The building at the beginning is the Balinese Room that Z Z Top immortalized.  It did not survive the night.


Should I buy flood insurance?  I've moved into a hurricane evacuation zone, and watching The Weather Channel's reports on Irene have made me think.  My my new chair ought to be safe since I live on the second floor, but I keep my new tents and expensive backpacking gear downstairs in the garage.  Storm surge from a cat 3 storm could swamp everything down there.

I'm waiting for a quote from the insurance company that has my car and renter's policies.  I think they had to call FEMA.  The agent said it could be as low as $150 yearly if I'm not in a flood zone.  Does being in a hurricane evacuation zone for cat 3 storms put me in a flood zone?

Do you have flood insurance?  Would you carry it if you lived in a second floor apartment?   

  

12 comments:

Tempo said...

You have to be real careful with flood insurance.
You might know about the extensive flooding recently in Queensland Australia. Most people did not get paid out because the insurance companies all played with the wording of their policies. They were covered by some things but not others... not the one type of flooding they suffered. (covered by rain flooding, covered by sea water flooding but not covered for rivers that broke their banks)

Vince said...

Yes what Tempo said. For the most part people are way over insured in areas that will never pay out even if you have a problem. Flood insurance tends to mean the washing machine or more the upstairs shower running through the rest of the house. Acts of God like a storm tends to be beyond most insurance companies.

Brian Miller said...

yeah pay attention to the fine print...no i do not but i am not in a flood plane...

AmyLK said...

Definitely watch the wording. Its my understanding that if you are not in a flood plan, you are not eligible for flood insurance. I live on a river but not in the flood plain so I couldn't get flood insurance. Supposedly, my renters policy would cover the flooding of the river.

Jen said...

You guys bring up some good points. I'll definitely have questions for my agent.

I'm required to have full coverage, including flood, for my vehicle since it's not paid off. Adding renter's insurance only made my monthly bill increase by $3 after the discount for having mutliple policies with one agent, so that was worth the expense. I'm not sure yet if flood insurance will be worth it...waiting for the quote...

Michael Manning said...

I am not familiar with flood insurance, but a friend of mine in Texas took 2 years to have her home repaired and it was devastating.

blueviolet said...

I just heard somebody say that their flood insurance excluded too much and they got nothing for their flood. Insurance companies are notorious for exclusions.

Jen said...

@Michael Manning: I still see daily advertisements of lawyers still litigating Ike damage. Your friend is apparently not alone.

@Blueviolet: Yes, they exclude most jewelry and limit what they will pay for computers on my renters policy, too. I'll make sure I read whatever policy I buy (if I buy) carefully.

Jen said...

If I'm not in a floodplain, my flood insurance will cost $49 a year for $8,000 in coverage. I'm still waiting for confirmation on that. It would cover all rising water, according to my agent.

I waste more than $49 a year on sodas...strongly considering...

Vince said...

What the hell does rising water mean. What the heck happens if a pipe bursts above you. That'll be falling water. Mind you it'll rise once it hits the floor. Does that count.

Jen said...

Pipes bursting is covered by my renter's insurance, which includes liability if my washing machine hose fails while I'm away and destroys my neighbors' property as well as my own. Rising water is everything that causes flood, whatever it's source. (Gulf waters, bayou coming out of it's banks, streets flooding due to rainfall, etc.)

Rob Strickland said...

Ahh so THAT'S what 'Balinese' is about!!

I don't have flood insurance because I don't need it. But even if I did have it, and wound up needing to make a claim, I know full well the insurance company would do it damnedest to get out of paying me.

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