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

Yes
54%
In most cases
14%
In some cases
9%
No
16%
Not sure
5%
Next Question
Question: Are homes in high-risk flood areas required by law to have flood insurance?
Top Answer (54% of 75 votes): Yes.

Answer: Yes
Explanation: Always
Belocura Cabinetry
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).
Rite Choice Insurance
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.
Dallah Albaraka Holdings
ProMatcher
Answer: Yes
Explanation: Per mortgager
HHS serviced
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.
Primelending
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.
Pilgrim Mortgage Llc
ProMatcher
Answer: Yes
Explanation: assuming there's a mortgage
BCU Risk Advisors
Answer: No
Explanation: In Florida homeowners are required to buy flood insurance if the home is mortgaged.
Certified Inspectors, LLC
Answer: In most cases
Explanation: Yes, in most high-risk flood areas they require home owners to carry flood insurance.
Farmers Insurance-Chris Faverty Agency
ProMatcher
Answer: In most cases
Explanation: High flood risk can vary and can change at any point. Most flood A areas require flood insurance regardless of flood history or not. County determines flood Zoning.
Florida Central Credit Union
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.
OneRay - OneTrust Home Loans
Answer: No
Explanation: Flood insurance coverage is required by the investor or lender that is underwriting the loan.
nofeelendersubmit4u.com
ProMatcher
Answer: In most cases
Explanation: High-risk flood areas are not static designations and as such, variances may be obtained. In certain circumstances residential customers are able to ameliorate flood potential hazard with structural enhancements to the physical structure(s).
Atlantic Mortgage and Finance Corporation
Answer: Yes
Explanation: All homes in a flood zone must have flood insurance and this can be costly.
EA Realty LLC
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.
Farmers Insurance
ProMatcher
Answer: Not sure
Explanation: The only requirement would be imposed by the lender, not the law.
MetLife
Answer: No
Explanation: It's not illegal, just prudent. The mortgage company may require flood insurance to protect their interest.
Lockhart's Insurance Services
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.
Santander Bank
ProMatcher
Answer: Yes
Explanation: FEMA requires flood insurance on properties located in designated flood zones.
Gulf Coast Community Bank
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.
Fisher Family & Associates, Allstate Insurance
Answer: Yes
Explanation: yes by law they are required because of flood damage and flooding
United Northern Mortgage Bankers, Ltd.
ProMatcher
Answer: Yes
Explanation: To satisfy the mortgage company
Liberty Mutual
Answer: Yes
Explanation: If the lender is backed by any kind of federal program or regulation, Flood insurance is required.
G.L. Anderson Insurance Services, Inc
Answer: In some cases
Explanation: Really don't know the ins and outs on this one
AMR CompaniesLtd.
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Related Questions

My house has flooded in the past. Can I still purchase flood insurance? Top answer: Yes

Can a mortgage lender require me to buy flood insurance?Top answer: Yes

Can I still buy flood insurance if I don't live in a high-risk flood zone?Top answer: Yes

Does flood insurance typically cover earthquake-related flooding?Top answer: No

Can renters purchase flood insurance?Top answer: Yes

Related Topics

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