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Old 09-17-2009, 11:17 AM
 
Location: Holly Springs
113 posts, read 343,712 times
Reputation: 44

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Hi. I live in Braxton Village in Holly Springs and am considering flood insurance. The rear of my property is in a 100 year flood plain but is a ravine so my home is well above the base of the flood zone. Water also tends to drain from the upper driveway towards my home but quickly drains away. My fear is that if a big storm comes through, water might find its way into the home. The garage is on the front of the home and it slopes downhill towards the base of the driveway.

Am I being too paranoid in thinking I should get flood insurance? I am thinking 50k for building and 20k for contents since i really don't have a big home and alot of expensive furnishings etc....

any comments?
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Old 09-17-2009, 11:21 AM
 
9,197 posts, read 23,517,666 times
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What would the cost be?
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Old 09-17-2009, 11:21 AM
 
Location: Holly Springs
113 posts, read 343,712 times
Reputation: 44
196$/year
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Old 09-17-2009, 11:51 AM
 
2,456 posts, read 7,594,472 times
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You could look at this as a math problem and calculate the odds ... but does it really make a difference if the chance of your house flooding is 1 in 1,000 or 1 in 100,000?

Insurance essentially provides piece of mind. So the real question is - would you worry more about spending $200/yr on insurance?

Frank
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Old 09-17-2009, 12:20 PM
 
226 posts, read 743,964 times
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I'm thinking back to all of the flood victims I've seen on the news over the last several years that have said "this neighborhood/this home has NEVER flooded". Ironically, Hurricane Floyd, which hit NC 10 years ago, flooded many areas that had never flooded before. If you can manage the $196, I would do it. Of course, I lived at the coast for many years so I am a bit overly cautious about these things!
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Old 09-17-2009, 12:24 PM
 
1,938 posts, read 5,601,730 times
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$200/year and this phrase "Water also tends to drain from the upper driveway towards my home but quickly drains away"? No brainer, buy the insurance.
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Old 09-17-2009, 12:49 PM
 
Location: Holly Springs
113 posts, read 343,712 times
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yeah, i figured 200$, isn't much if only for the piece of mind, though some will argue that is wasted money better spend invested in something... but i think this is a good thing for my piece of mind. cause in a new neighborhood, or old, you just never know.
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Old 09-17-2009, 12:50 PM
 
22,769 posts, read 28,609,129 times
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Might as well, it is federally subsidized anyway, so we're all paying for it.
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Old 09-17-2009, 01:12 PM
 
Location: Holly Springs
113 posts, read 343,712 times
Reputation: 44
well if we are all paying for it, why do i have to pay anything at all??

;-)
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Old 09-17-2009, 04:33 PM
 
22,769 posts, read 28,609,129 times
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Quote:
Originally Posted by silverflash View Post
well if we are all paying for it, why do i have to pay anything at all??

;-)
Because "You" are part of "We," if you transact in US dollars.
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