Whether or not you are to purchase flood insurance generally depends on two main factors: where you live and how you are financing your home. However, even if it isn’t a requirement, understanding your actual risk is essential for protecting your investment. 1. When Flood Insurance is Mandatory
If you have a mortgage and live in a high-risk zone, the answer is , you must buy it. If you own your home outright or live in a lower-risk zone, it is optional —but given that just an inch of water can cause tens of thousands of dollars in damage, it is a critical safety net to consider. do i have to buy flood insurance
Approximately 25% of all flood insurance claims come from properties outside of high-risk flood zones. Whether or not you are to purchase flood