I'm no expert on this, but I did find this definition:
http://encyclopedia.thefreedictionary.com/100-year%20flood
Here's how I read it: It is a bit of a gamble (just like most things in life!) If there's a 1-in-100 chance of that size flood in ANY given year, it may not happen for well over a hundred years--or it might happen two or three years in a row!
That said, what is the flood history in your area--and do you feel lucky? Have you worked the price of flood insurance into your overall expenses?
Best of luck!
Regards,
-k2 in CO
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