Are homes in high-risk flood areas required by law to have flood insurance?

Answer: In some cases
Explanation: If they have a mortgage they would need flood insurance

Answer: Yes
Explanation: This question is only applicable to homes that carry mortgage liens. If you do not have a mortgage lien against your property, you are not required by law to have flood insurance, nor are you required to carry homeowners insurance. Now, do I think that's foolish if you don't? Yes, absolutely. But the law does not require you to have either.

Answer: In most cases
Explanation: If you are in a high risk area but your home is free of any mortgage or lien, you can opt out of flood insurance. But please don't.

Answer: Yes
Explanation: Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

Answer: Yes
Explanation: Flood insurance is required by law for high risk flood areas in order to help victims get their property back if there is any damage done to their property as a result of the flooding.

Answer: Yes
Explanation: If you are in a flood zone, you are required to have flood insurance.

Answer: Yes
Explanation: Structures located in high-risk flood areas have a significant chance (26 percent) of suffering flood damage during the term of a 30-year mortgage. A home mapped in a high-risk area is 2 1/2 times more likely to suffer damage from a flood than a fire in the lifetime of a typical mortgage! For these reasons, flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally regulated or insured lender.

Answer: Yes
Explanation: Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs). The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following: The maximum amount of NFIP coverage available for the particular property type, or The outstanding principal balance of the loan, or The insurable value of the structure. If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require flood insurance; however, a lender can still require it. It is recommended since historically about one-in-four flood claims come from these moderate-to-low risk areas. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance.

Answer: Yes
Explanation: Flood insurance coverage is required for all residential buildings on the mortgaged premises if any part of the structure is located within an SFHA. If two or more residential structures are located on a security property (for example, a principal structure and a guest house), all structures with any part in an SFHA must be covered by adequate flood insurance. (For the purpose of Fannie Mae’s flood insurance requirements, the “principal structure” is the primary residential structure on the security property.)

Answer: No
Explanation: In Florida homeowners are required to buy flood insurance if the home is mortgaged.

Answer: In most cases
Explanation: Yes, in most high-risk flood areas they require home owners to carry flood insurance.

Answer: In most cases
Explanation: If the property is mortgaged

Answer: No
Explanation: You are not legally required to have flood insurance in CA but if you have or want to have any type of a home loan, your lender will require flood insurance to protect the asset when the property is designated high risk.

Answer: No
Explanation: Flood insurance coverage is required by the investor or lender that is underwriting the loan.

Answer: In some cases
Explanation: If you have a federally backed mortgage on a home located in a high-risk zone, federal law requires you to purchase flood insurance to secure a loan. Also, if you've received a federal grant for previous flood losses, you must have a flood policy to qualify for future aid.

Answer: Yes
Explanation: All homes in a flood zone must have flood insurance and this can be costly.

Answer: Not sure
Explanation: They are required by the lender. So if you want a loan to buy a house you will be required to get flood insurance if the home is in a flood plain.

Answer: Yes
Explanation: We do a flood certification on each customer. If in a flood zone, flood insurance would be required.

Answer: No
Explanation: It's not illegal, just prudent. The mortgage company may require flood insurance to protect their interest.

Answer: Yes
Explanation: All homes and business owners in a High Risk Area with mortgages from federally regulated or insured lenders are required to purchase flood insurance.

Answer: In most cases
Explanation: If there is a loan on the home, the lender will require the insured to carry flood insurance. If the home is owned outright, it is up to the insured whether or not they purchase flood insurance.

Answer: In most cases
Explanation: If you are in certain Flood zones your mortgage company will require you to obtain flood insurance that is equal to or greater than your homeowners insurance. Not sure if your in a flood zone? Give us a call we can help.

Answer: In most cases
Explanation: The determination is based upon FEMA. FEMA determines which properties are required to have flood insurance.

Answer: Yes
Explanation: To satisfy the mortgage company

Answer: In some cases
Explanation: Really don't know the ins and outs on this one