With all the recent weather problems causing havoc across the country many people are probably asking themselves do I need flood insurance? It's an interesting question especially because there are some situations where it seems like a person would never use it and yet strange things happen every day. There have been people living in the more elevated parts of town receive flooding damage to their house and basement because of how saturated the ground got during the storms.
If you're one of those people asking yourself do I need flood insurance then perhaps it would be a good idea to at least look at some rates. Like I mentioned above unpredictable things can happen when weather is involved so never assume your completely safe from the elements. The rates in each area will be different depending on the threat and possible flooding damage.
When a person does determine that they need flood insurance they better make sure it's clear up front what is covered and get it in writing. Some of these companies are well known for trying to get out of paying up claims several different ways. Just remember that you're buying flood insurance from them and paying for the service. That means they should be willing to work for you when help is needed because you're paying for a service.
One of the most common is by claiming that the damage was done by something else not covered under the policy. For example a tornado comes through and destroys a house and the policy covers tornado damage but not wind damage. The company will claim its wind damage when obviously if there is a tornado there will be wind damage. That is why you need to go over everything concerning flood insurance with somebody that knows all the details.
With most types of coverage the train of thought is that if a person is in doubt then go without. However if you feel that you need flood insurance then you probably need to have it if nothing else for piece of mind. But like I mentioned above check out the rates first because in some areas where flooding damage is real common the rates are very expensive sometimes up into the thousands per year.
I recommend everyone reading that can afford it get flood insurance if they feel it's necessary to their region. It's better to have it and not need it than to need it and then be without coverage. Who knows how much destruction could be done and property value lost without flood insurance.