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Problem is if you are barely in a flood zone and never flooded you get $31,900 worth of free flood insurance from FEMA.

I you did not get water in Irene or Sandy odds are you are getting no water or very little water. You are forced to buy flood up to amount of mortgage. If you have a 250K house you have to buy 250K worth of flood.

Most folks who are forced to buy expensive unnecessary flood try to pay of mortgage asap and drop flood.

My Fema guy told me all the cheap houses from Katrina many folks refused to raise them and just paid off their mortgages and dropped flood. To them why pay 5k a year to insure a small shack if they are getting 31,900 from Fema and each year they can bank 5k. So now New Orleans has a higher percentage of homes with no flood insurance than pre-katrina.

Even worse folks with no flood first time around are ineligible for a second fema payment so they will be out on street.

Forcing high flood insurance in low cost places with low income folks backfires after a few years.

I have flood on my house, but at around the 3k point I would just drop it. I rather roll dice invest the 3k each year and hope it works out. Trouble is in first few years if flood hits and enough people do like I do the whole neighbor hood will look like a war zone with abondoned houses and folks with flood big deal, you rebuild you house nice on a street full of abandoned homes.