Flood Insurance Basics

flood risk insurance

Why Flood Insurance is Necessary

An ounce of prevention

CoreLogic highly recommends voluntarily obtaining a flood insurance policy as a preventative measure, but the federal government actually requires flood insurance in certain situations:

1. Purchase of a home in a high risk flood zone

When you obtain a mortgage from a federally-backed lender, they are required by law to determine whether your property is located within a high-risk flood zone. If it is, they are also required to ensure that flood insurance is purchased and maintained on the property. In some cases, although they are not common, your lender may require flood insurance even if the property is outside of a designated high-risk flood zone.

2. A flood map change alters your flood status

Flood zones may undergo many changes over the course of time-new developme... http://the-insurance.ucoz.com/news/flood_risk_insurance/2013-05-31-2670