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Does My House Require Flood Insurance For A Mortgage?

Mar 30, 2008
Are You Asking, Does My House Require Flood Insurance for a Mortgage?

First time home buyers or mortgagees may be wondering, does my house require flood insurance for a mortgage? With all the other types of insurance and riders that you are required to get for a mortgage, it's no wonder that you may be wondering this. So what are the rules and regulations about flood insurance? Does your house require flood insurance for a mortgage, and if so, where is the best place to go for such insurance? Can you bank or lender arrange this and if they offer, is this a good deal or should you get your own?

Does Your House Require Flood Insurance for a Mortgage?

The quick answer is that not all homes require flood insurance for a mortgage. If your lender does require flood insurance, lenders must document the determination using the Standard Flood Hazard Determination Form provided by the Federal Emergency Management Agency (FEMA) and retain that form for the life of the loan. The answer to your question, does my house require flood insurance for a mortgage is going to be determined by the federal government if FEMA determines that the home is in a flood zone or flood plane. If not, then your lender should not require flood insurance for a mortgage loan.

Why Does My House Require Flood Insurance for a Mortgage?

Remember that a mortgage is a loan on a home and that home is considered the collateral for the loan. Any obvious danger to that collateral is something that the bank will need protection against. This includes fire, vandalism, natural disaster, and flood. Chances are that you don't have enough money to cover the remainder of the mortgage loan in cash, so the bank needs to protect its investment.

You might also ask, does my house require flood insurance for a mortgage and if not, should I get some anyway? Usually any insurance company that provides homeowner's insurance will be able to attach a rider on the policy that covers flood, and you may want to consider getting this even if your bank doesn't require it. What will you do if there is a flood and your things are destroyed or the home is damaged beyond repair, or will cost tens of thousands of dollars to repair? It's surprising how easily a flood can happen even if the home is not on a flood plane. You might do well to compare plans with your insurance provider.

So does your house require flood insurance for a mortgage? This actually depends on whether or not the federal government thinks that it's in danger of being flooded, but even if they don't you might consider just getting flood insurance for your own peace of mind. Typically, homeowners' insurance policies do not cover such things as flooding, landslide and earthquakes. A special policy or rider is needed to cover damage from these as well as other special hazards. Check with your insurance agent to find out what is and is not covered in your homeowner's policy.
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