High deductible flood insurance

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interplanetjanet
Posts: 2226
Joined: Mon Jan 24, 2011 4:52 pm
Location: the wilds of central California

High deductible flood insurance

Post by interplanetjanet » Thu Jan 15, 2015 9:12 pm

I'm not in a 100-year flood plain, but am just outside of it - flood insurance isn't required by my mortgage company (I think I'm zone "X").

I'm interested in keeping some flood insurance as part of my house is on a slab close to ground level, and having lived in my town for a number of years I know that drainage can be iffy at times. Also, it seems like if I am carrying flood insurance before a reclassification, I can get a grandfathered rate under certain circumstances.

When I moved in I bought a policy through State Farm, just to have one in place, but the deductible is low ($500?) and my agent said that they don't offer higher ones. Browsing the NFIP site's documentation I came across adjustments that should yield a lower premium with a higher deductible (I'm thinking around $5k would be good) and I'm wondering if anyone has had luck buying flood insurance with such a deductible and from whom.

This is a normal single-family house in California.

Thanks!

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