I was downstream of the Teton Dam failure back in the 70s, although we were high enough up to watch and then help with the emergency response instead of drowning. Since then, I never lived in a flood zone, but I always lived in areas where that could be a choice. A prerequisite for us to consider a home is that it be well above the 100-year floodplain and other potential flooding hazards. I respect those who can face floods multiple times, but seeing (and hearing) that once was more than enough for me.
I will never live in a flood zone after my experience with it...that is for sure. And I never saw a massive failure materialize.