2007-07-25 08:10:28 · 6 answers · asked by cobramade 2 in Business & Finance ➔ Renting & Real Estate
If you have a mortgage of any sort on the property, you won't have any choice in the matter. Federal regulations require NFIP insurance on any mortgage federally involved, which is nearly all except a private mortgage held by a private person.
2007-07-25 09:53:36 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Actually, it would depend on the lender financing the mortgage. The bank I was a loan officer for actually required that *everyone* have flood insurance after Katrina--even if the home was not in a flood zone. Bottom line-ask your mortgage loan officer.
2007-07-25 08:36:08 · answer #2 · answered by Ari 3 · 0⤊ 0⤋
many times if you are in a"flood zone"...you cannot even get the insurance..they know the liability issue and do not want it....so check around to see if you can even get it..
it certainly would be worth it to you (especailly when the rains come or the snow melts).
we live in california and cannot get earthquake insurance...unless you had an old policy that was grandfathered.....so check out the insurance co.
good luck :)
2007-07-25 08:17:14 · answer #3 · answered by Blue October 6 · 0⤊ 1⤋
yes if u live in a designated flood zone
2007-07-25 08:15:33 · answer #4 · answered by granny58 2 · 0⤊ 0⤋
It will be a lender requirement when you purchase the home.
2007-07-25 08:13:09 · answer #5 · answered by ? 4 · 0⤊ 0⤋
if you have a mortgage on the place you will have to, if you own it out right your choice
2007-07-25 08:55:24 · answer #6 · answered by goz1111 7 · 1⤊ 0⤋