Flood Insurance (how much, buy, subsidized)

[iszykat]

I've heard flood insurance is mandatory if you live in Florida. How much on average does it cost annually?

[BuenoQueHacemohAhora]

Originally Posted by iszykat

I've heard flood insurance is mandatory if you live in Florida. How much on average does it cost annually?

This is incorrect, it is only a requirement if you live in a flood prone area. Florida being so low, the flood prone areas are many, but it is not a requirement for the whole state.

The policies that I have seen have been in the low hundreds, $150-$400 annually.

[doggiebus]

Not mandatory in Florida. Some parts its probably mandatory, but not all of florida. Cost wise, it depends on what flood zone you are in. If you are in Flood zone x (which never floods) it can be as cheap as the other poster said.

[Mathguy]

Also, most flood insurance is provided by the federal government (sold through insurance companies) and the rates are generally subsidized. I'd buy it unless you happen to live inland and on top of a small hill etc.

I've seen places nowhere near a creek etc. flood just due to heavy rainfall where the water had nowhere to run-off too.

[Trivettes]

As another poster said, buy it. We've had places flood during the past couple years that supposedly weren't in flood zones and the people were devastated to find that their insurance wouldn't cover the damage.

What has happened in one of our local areas near me is that development and new roads are creating flood areas where there were none before because they're changing the topography of the areas and the water during tropical storms, such as TS Fay, had no place to go.

So I'd buy it, it's not that expensive, and be grateful if you never have a claim.