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Thanks for all of the input. I guess a little more detail is needed. I actually lived in the house from the early 80's to the early 90's. My parents then sold the house. Last year, I purchased the house back from the people who bought it from my parents. I know for a fact that the house has never flooded. There was an instance back in the 80's where we had water at the front of our subdivision but at least 50-100 yards away from the home. We tried to transfer the previous flood policy ($450/year) but FEMA required a new elevation certificate. IIRC, we are 2 feet below sea level. However, I really feel that it is unlikely we would flood but there is always a chance.
So imma tell you a story- from 2016. July to be exact.
Im an insurance agent - my best friend of 40 years called me in July 2016 - asking me how he can reduce his flood premium. I told him "why mess with it? it comes from escrow so who cares" - he was adamant about reducing his premium. Used to pay $1400. then 1700. Then 2100. So i said there really isnt much you can do outside of lowering valuations and DONT DO IT. He was like yeah it just sucks. Paying all this money for nothing as im 8 ft above my damn street! I said i get it but you dont want to mess with.
10 days later, 2 am i get a call. From him.
in Walker LA. he has 4 ft of water in his home. We go get his wife and daughter because he was oout of town. Sunday he calls to find out wtf going on, how/who to call etc etc.
At that moment, he said " dude" long pause and i already knew. I took off my content coverage. im like WHAT??!??!. I told you....yeah i know. Wanna know how much he saved? $197
Wanna know how much he lost? All of it. Every. last. bit.
I still have photos as we went and gutted his home and did as much as we could to save him every dime.
Point is, YOU never think you will flood. Until you flood.
oh and if you look at your actual policy- I would bet that the increase in your ACTUAL premium is minor versus FEES. ( just be glad you dont have commercial bldg. I have clients that pay AS MUCH IN FEES as in PREMIUM )