Share your insights or perspective on the financial matter presented in the input.

Figuring flood insurance into financing cost
We recently had a sump pump fail during a rainy weekend. Never had more than an inch or so of water on the floor.  Total cost to remove the water, dry out the basement, and repair the damage to the paneling and wallboard: more than $7,000 plus the new sump pump. We are not in a flood zone.  In a flood zone the cost of the loss could be total. A flood is also the type of hazard that can also destroy the value of land.  No way I would want to self insure for this known hazard.