Flood insurance

Flood insurance is not included in your homeowners or renters insurance policy.  It is a separate policy that you have to obtain.  For those that do not live in a Flood Zone; the general cost of a flood policy is as low as $1 per day with a $1,000 deductible.  People think that because they do not live in a flood zone then they do not need this coverage; is it worth taking the risk?  We all know the damage that a flood can cause and the expense that goes along with it.  Of the two options, which would you prefer….pay thousands of dollars out of pocket at the time of a flooding incident or pay approximately $1 per day and $1,000 deductible at the time of incident?