Home Buying in Holiday>Question Details

Cin, Home Seller in Milford, CT

is flood insurance expensive and under what circumstances is it required?

Asked by Cin, Milford, CT Thu May 24, 2012

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Peter Lee’s answer
It will always be required if you live in a flood zone and are financing your home. It is something everyone should consider no matter where your home is located. The cost is based on the potential risk to your home.

When Tropical Storm Debbie came through the area last month, she was an equal opportunity disaster. It was not uncommon to hear about homes that were not considered to be in a flood zone to take flood damage.

There are two elements to flood coverage- building & contents. You don't have to have coverage for contents, but imagine what it might cost to replace everything inside your home if it were destroyed. That will help you decide.

Deductibles are another decision. Lower deductibles are not that much more expensive that the highest choices. Be sure to price all the options.

The last key detail is whether your policy will cover ACV (actual cash value) or replacement cost. It might be a $2,000.00 sofa to you, but if it has some age it might be a $200.00 sofa to your insurance carrier.

A year before TS Debbie came to town, I bought a home at the end of a canal in New Port Richey. The home was built in 1972 and had "never flooded". For a brief moment a told myself, "If it survived the last 40 years, I will be fine." By the time TS Debbie left town every square inch of my home was under water. Tens of thousands of dollars later, THANK GOD I HAD FLOOD INSURANCE!!
0 votes Thank Flag Link Thu Jul 19, 2012
It is relatively cheap when compared to regualr home insurance. It is extremely inexpensive when you consider the cost of replacing everything you own after a flood.

It is needed if you purchase on a flood zone, which you can find out by looking at the county zoning records or by ordering an elevation certificate from a surveyor. By the way the elevation certificate will help you get a discount from the regular home insurance by proving it is a flood free zone.
0 votes Thank Flag Link Thu May 24, 2012
thanks is flood and hurricane combined? as you can tell moving from ct to fl and don't have a clue as to how much these things should be and how the property taxes work
Flag Thu May 24, 2012
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