Many Americans don’t need to wonder if they need flood insurance — it’s required as a condition of their home loan. But unlike car insurance, flood insurance isn’t required simply because you own property. In these cases, flood insurance raises the same question as other insurance policies do: When does the premium outweigh the actual risk? Even a $650 annual premium, the amount the National Flood Insurance Program (NFIP) cites as average, seems like a lot if you never use the coverage.
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