Quoted from mbwalker:Finished the basement a number a years ago, so it was time to protect it. Even if all that fails, I bought federal flood ins., at the preferred rate since we are not in a flood zone.
Warning! after 2 claims they move you out of the Preferred rate, It happened to me. I made a claim for cleanup of a couple of inches of water in the basement due to rising ground water, they paid around $2k. Then Hurricane Irene flooded whole basement and a foot and a half on the ground level. They paid $25k to repair and replace that damage. At first I was paying around $400 a year for coverage. After the second claim they said the preferred price is over for the home, even for any new owners. Now the coverage costs close to $3k a year. If I knew that in advance I would have never made the first claim.