*Loan,banking and credit>>>flood insurance

How do you know if you really need flood insurance?

If you are getting a mortgage, the lender will tell you if you are in a "flood" zone - which would be flood zones A or V or 2 digit zones starting in either of these letters. If you are in zones B, C or X, these are not considered "flood" zones for mortgage purposes & the bank will not require you to carry flood insurance. If you want a flood quote, go to your local independent agent & they should have a flood quoting program which also does instant flood zone determinations (unless there are 2 different flood zones on or near your property, in which case, the flood people, on the other end of the flood website, will map your property by hand to determine if your house sits in a flood zone). Once the flood zone is determined, they will provide you with a quote - they will need to know some details about your house. Zones B, C & X will give you a preferred rate. Anything in A or V zones will be quite expensive.
I would say MOST people should have flood insurance because MOST floods happen OUTSIDE the zones A or V. A couple of years ago there was a large flood in a neighboring town/state & they have since started to revise the flood maps so that there are more properties in the "A" flood zones.
The maximum limit you can get for dwelling coverage is $250,000 & contents is $100,000. The deductible applies to each coverage. There is very limited basement coverage & if a flood is coming, get your stuff out of there (you can leave permanently attached things & your washer & dryer but not much else)!! If you are on a mountain, you can still have a mudslide which would be considered a flood, but for coverage purposes, on a flood policy, the flood has to be above ground on normally dry land (if it is wet, swampy or gets wet every spring, this wouldn't count as dry land) & cover either 2 acres or 2 adjacent properties & do damage to your house. If the flood doesn't do this, it is not covered under a flood policy. There is no coverage for land.
There is one homeowners policy that I know that includes flood on the policy - it is with AIG Private Client. They only write houses over $1,000,000 & only give flood coverage if the house is in zones B, C or X (it is still underwritten by the Federal Govt) & they only give up to the maximum $250,000 dwelling, $100,000 contents.
Also, I believe American Modern Home still gives flood insurance on their mobilehome policies. Foremost used to but not anymore.
There is a 30day waiting period for coverage to start (after the application is signed & the premium is paid) unless the policy is required by your mortgage lender at closing. The policy is paid in full every year, there are no installment plans.
One other thing, if your town does not participate in the National Flood Insurance Plan, you cannot get flood insurance through the NFIP - Lloyd's of London used to write these policies but I don't know if they do anymore.

If you live in a flood zone
1) Where do you live.
2) Do you live in a "flood zone" ?
3) Call your county and ask which department determines the area you live in and whether or not it is in a flood zone.
4) If you live in a flood zone, you need flood insurance.

Are you expecting a deluge? If so, and you are not up to building an ark, consider calling a reputable insurance agent and asking: Can you advise me whether or not I live in a flood zone. If they say you do, ask for definite proof.
When the flood from Hurricane Katrina stops 2 blocks short of your home
Does it rain where you live?
Do you have a basement?
Are there lakes or rivers close to the house?
If you go out side are you at the top or bottom of natural land slant?
Use good judgement.
I checked my local weather history. Has there ever been a flood?, Is your area prone to hurricanes,etc?
Then do some research and ask your neighbors what they think and if they have it.
Everyone should check with their local appraisal district or at the county court house. They would know if you are in a flood plain based on the flood maps they have. You may need your most complete address (the 911 assigned) if you are in a rural area, or you will need your survey, etc. You can only get federal flood insurance if you are in an actual flood plain.Anyone can be assaulted by a flood but the risks are usually in your favor.