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In article ,
says...

Flood insurance is so inexpensive in a non-flood zone that it's hard to
understand why someone would not buy the insurance under the federal
program. Those that don't have the federal program have essentially decided
to provide for their own expenses after a flood, although they may not have
realized it at the time.

It's fair to say they've retained the risk, but saying they've decided
to retain the risk may be going too far -- unfortunately, there really
are insurance agents out there who will simply brush off inquiries about
flood insurance outside of Special Flood Hazard Areas, rather than
helping the customer evaluate the risk and at least quoting the policy.

If a homeowner asked about flood insurance and was told it wasn't
available or wasn't needed, I'd say they'd been misled into retaining
the flood risk, rather than having decided to retain it.

(When I was an agent, I sold more flood insurance outside SFHA's than in
them, because I made sure customers understood their flood exclusions.
Being two feet above the theoretical flood plain isn't the same as being
on a mountain top.)

--
is Joshua Putnam
http://www.phred.org/~josh/
Braze your own bicycle frames. See
http://www.phred.org/~josh/build/build.html