Why would I need flood insurance if my city has never been flooded and I do not live in a high risk flood area?
Flooding does not only occur from storms. In some neighborhoods you may have a poor drainage system , which could cause a rapid accumulation of rain fall to fill your streets and overflow into your home. A broken water main could possibly flood your home. These are only a few examples of why you may need flood insurance.
Homes located in a high risk area have a greater chance of suffering from flood damage 26% more than ones that are not. Over a 30 year mortgage your home is more than twice as likely to be damaged by a flood that by fire. Construction in high risk areas are required by law to have flood insurance as a condition for receiving a mortgage from any federally regulated or insured lender. Flood insurance is not that expensive and could save you a lot of money in the long run. . Some rates are as low as $129 a year if you qualify. Contact your home insurer and see if they offer flood insurance if not , I'm sure they can recommend a reputable company.