My only concern is flood plains. I had 8' of water in my basement at the first house I lived in. Technically not in a flood plain but close enough to a river. Never again.
Yeah: common risks across a neighbourhood will usually lead to severe problems trying to claim your cover. And subsequent property resale issues: if insurance is unavailable, a mortgage is unavailable; if a home can't get a mortgage then you can only sell for cash at extreme discounts.
Avoid risky areas unless you can afford to lose your home.
