Flood insurance - need advice (2013, homeowners insurance, how much)

[SeaLark7]

Living in paradise is expensive (but I am sure it will be worth every penny) ! Now we have to decide on how much, if any, flood insurance we need to get (on top of the hurricane insurance, which in itself doubled the yearly cost of our home insurance! We will be paying $700 more a year in Florida than we are in Ohio). Floridians, what do you recommend regarding FEMA flood insurance coverage ? The rates start at $129 a year for $20k structure/ $8k possessions, and go on up from there. Do most of you have flood insurance, and at what level ? We are moving to a house that is 6 miles from the ocean, and has a small lake behind it, but not at the same level as the house; there is a bank leading down to it.
Thanks SO much for any advice !

[newred5]

Even though I'm not in a flood zone I bought flood insurance ... Got a discount on my homeowners insurance by buying both through the same company..here's what I got ---
$75k on the dwelling and $30k on personal property with the standard $1000 deductible the premium would be $247.

[LingLing]

Same as Newred 5. Not in a flood zone but boght anyway. Mine is over $300. Don't remember the exact number.

[pslhomie]

You might go to the New Jersey site and ask the quesiton about flood insurance there. From what I understand it is wortless especially if it is your second home. I would make sure if it is your second home it is actually covered. The worst flood in modern history hit PSL in 2008 and the water never came close to our house. It is not in a flood zone. We had it for the first year but decided not to renew.

To each his own.
http://www.nj.com/business/index.ssf...nce_story.html

[LingLing]

Originally Posted by pslhomie

You might go to the New Jersey site and ask the quesiton about flood insurance there. From what I understand it is wortless especially if it is your second home. I would make sure if it is your second home it is actually covered. The worst flood in modern history hit PSL in 2008 and the water never came close to our house. It is not in a flood zone. We had it for the first year but decided not to renew.

To each his own.
Hurricane Sandy flood insurance claims: an exercise in exasperation, homeowners say | NJ.com

Very useful information. For the primary home, it covers the replacement cost (of course, there is a question how it is determined). For the second home, it pays "so called" cash value. I can't really understand it. So for the second home, if you have to change the five year old wood floor after flood, they will only pay the value of the five year old wood floor? no labor cost? That is almost nothing.

[pslhomie]

We decided to self insure but are still considering getting it knowing that it will pay for very little. If we get flooded it will wipe out our fund but at least we don't have to file a claim and wait. Cash speaks.

[FlaLadyB]

I tell everyone to get flood insurance. When we had heavy rain it backed up the sewer systems and all kinds of flooding happened.. and it can happen to you too!

I would get CURRENT REPLACEMENT costs...which means what it cost to replace it TODAY - not what it's worth today if you put it in 5 years ago which could be nothing.

There is also "sewer backup" insurance which is when the sewer backs up in to you HOUSE. Hey.. it happens.

search around and read the fine print ... get various prices....compare

[ILoveLidoBeach]

Just another bit of info to consider. I had a flooded house once and they not only depreciated the items but they wanted me to go out and replace them and turn in receipts to get the low, depreciated amount. So naturally that is a way they get out of it because how many people have the money to go out and replace everything in their home and if it was something that could not be replaced (like heirlooms,etc) you would be out of luck. No receipt, no money. Period.

This was not in Florida but I just thought I would mention it so people can ask their agents about that before you find out the hard way.

[SeaLark7]

Excellent advice ! Thank you. I will ask my agent about this.

[Ellwood]

I have several friends who were affected by Sandy in NJ. Two were primary and one a 2nd home. The primaries had no problems with the payout of insurance, although the insurance companies paid in several separate checks and you had to show that the work was being completed. It was my understanding that after Katrina many took the money and left the area, although I don't quite know why that would matter to the insurance company if someone wanted to live in another place. The 2nd home the insurance was slower coming. Keep in mind that the most the flood insurance will pay is $250K.

Although repairs have been made they are still waiting for FEMA to settle on the zones and they still might be required to put houses on pilings.