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Old 08-25-2016, 06:55 AM
 
914 posts, read 1,815,855 times
Reputation: 588

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If you are not in the flood plain, your mortgage company will not require it. As others have said, it is relatively inexpensive and brings peace of mind. You can insure the structure only or also add contents coverage. With global warming, the continued development of the city, and our recent pattern in Houston of "historic" flooding we think it is a good investment. An ounce of prevention...
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Old 08-25-2016, 08:55 AM
 
23,738 posts, read 14,850,457 times
Reputation: 12795
I have not kept up with flood insurance rules since the last Congressional attempt to raise the fee.

IIRC, time was that if one purchased flood insurance though not in any flood plain, should the property be later designated in a flood plain, you were grandfathered in at a cheaper rate. Was that done away with?
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Old 08-25-2016, 11:25 AM
 
Location: Stinkerdener Tx
50 posts, read 116,579 times
Reputation: 58
My rate was changed but it was because NFIP/FEMA says I have two claims on my property. Thing is, this property has never flooded and neither has the surrounding houses. They are even lower than mine place. I do have two claims on my last house and the dates correspond with the dates that FEMA says that is for this house. I sent them all the info of where I lived on those dates but to no avail. They just say that the previous owner could have filed the claims but when I ask why is my name on the claim information sheet, they can't answer that. I fought them for 2 years and gave up but I would really like to get this crap straightened out. I doubt I'll ever be grandfathered again here but would just like to get the mistake removed for resale purposes. Being retired and on a fixed income, I had to drop it....just can't afford that high rate. Been here 32 years and I know for a fact that it didn't flood in 79 when this area got hit hard.
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Old 09-26-2016, 06:47 PM
 
Location: Houston
60 posts, read 55,532 times
Reputation: 54
I personally wouldn't take the chance and risk it.

I wrote a blog regarding flood insurance and there is two links that you may find useful and they can be a good starting point in your decision making.

Good luck
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Old 09-27-2016, 08:25 AM
 
Location: Saint Petersburg, FL
2 posts, read 1,029 times
Reputation: 10
I would definately buy flood insurance even if my home didn't flood. Floods are the #1 disaster in the world. It can flood any where at any time.
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Old 09-27-2016, 08:31 AM
 
1,416 posts, read 4,418,443 times
Reputation: 1128
Quote:
Originally Posted by 77030 View Post
When we had a mortgage on our house, we were required to have flood insurance as we live in a flood plain. We paid the mortgage off many years ago, and have since dropped the flood insurance. Our house has been here since the 1940's, and has never had water in it. Also, our house is clearly a tear down, and our property would be worth more if the house was gone. No reason to insure it. If it floods, we'll just sell the lot and move on.
Keep in mind that if your house floods, your lot most likely isn't going to be worth what was pre-flood. There are many people in Meyerland (who never flooded, BTW) with paid-off original condition homes who thought their $500k lot meant they didn't need flood insurance. Except that when a flood strikes, it doesn't just strike you. Those lots are currently trading for $300k now, and I bet most of those people wish they had flood insurance to repair their homes, move back in, and let the market recover from the glut of lots on the market.

Not saying you are wrong to take the risk, but it's something to consider.
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Old 09-27-2016, 01:37 PM
 
41 posts, read 100,513 times
Reputation: 29
Just because a house has never flooded before, even during a huge flooding event, does not guarantee that it won't eventually. When construction and demolition of buildings, roads, parking lots, etc. occurs nearby, it can affect the drainage to areas that have never flooded before. Just get the flood insurance rather than risk it.
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Old 10-01-2016, 07:39 AM
 
467 posts, read 768,869 times
Reputation: 376
My property wasent in a flood plain, and I watched the water get 15' past my curb in my driveway. I called the next morning and added flood insurance. For $450 per year to hedge against the $50K damage a flood could do, its a no brainer.
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