Just because you haven’t experienced a flood doesn’t mean you never will. A quarter of all flood insurance claims are submitted by policyholders in low-to-moderate risk areas, and policyholders in high-risk zones have a 26% chance of experiencing a flood over the life of a 30-year mortgage. And remember, your homeowners insurance typically does not cover floods.
Continuous coverage gives you uninterrupted protection.
Floods can happen anytime, anywhere—to anyone.
An afternoon storm or backed-up storm drains could bring inches of water into your home causing thousands of dollars in damage to walls, floors, and furniture.
Having a policy in force could save you money.
Flood risk often has a lot to do with how much you pay for your flood insurance policy. Most policyholders living in areas where the flood risk has increased can renew at a rate based on their previous flood zone. They are “grandfathered” at the lower zone designation.
Letting your policy lapse could cost you money.
Keep in mind, if you ever allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate and you may no longer be eligible for any discounted rate you have been paying.
Protect your investment—your bank expects you to.
If you live in a high-risk area and have a loan from a federally regulated or insured lender, you are required to renew your flood insurance. When you purchase a home, you accept liability for any damage from fire, wind, hail, theft, or flooding that may occur while you live there.
Information is from https://www.fema.gov/national-flood-insurance-program/Renew-Your-Policy