AUGUSTA, Ga. - As flood damage estimates reach $250 million in Georgia, many people are asking the same question.

Should I buy flood insurance?

NBC Augusta 26 News found out, there isn't a clear cut answer. It truly depends on your location, and your tolerance for risk.

Many Georgians are seeing their financial fortunes sink as flood waters rise, destroying their homes.

Unfortunately, many won't be able to repair or rebuild their homes, since flood damage isn't covered by traditional property insurance.

Homeowners are often confused about whether they need flood insurance, or they think, they can't afford it.

Tania Padilla, with Tom Sorrells Allstate Insurance, says,
"If you're in a flood zone, of course, it's required by your mortgage company. It's strongly suggested if you don't have a mortgage on the house. And it's more expensive. But, if you're not in a flood zone, it's probably as much as a week of you eating out for lunch."

No matter how much your home is worth, the most flood insurance you can buy is $250,000.

If you don't live in a flood zone, that amount will cost, on average,
$29 per month, or $348 per year.

For a $100,000 home, the average cost is $22 per month or $257 each year.

It's more expensive if you live in a flood zone, and the prices depend on your home's elevation.

Any time there's a lot of rain in a short period of time, emergency workers worry about areas like Rae's Creek in Augusta. Yet, they also know, flooding can happen anywhere, especially where there are drainage problems.

Howard Willis, Augusta Fire Chief and EMA Director, points out one trouble spot.

"Especially around University Hospital. If we have a large amount of rain in a short period of time, usually the parking lot in front of the hospital, because it overwhelms the drainage system."

In the end, each homeowner must play the odds, when deciding on flood insurance.

They can pay now, for peace of mind. Or, they can take a chance, hoping they won't have to pay later.

Allstate says, if you live in a home 30 years, there's a one in four chance, you'll have some flood damage.

Also, 25 percent of flood claims are from people who live outside high risk zones.

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