If you meet both criteria, your lender will require you to maintain a flood insurance policy for the life of the loan. If you live in an SFHA but own your home (no mortgage), the federal government does not mandate insurance, though it is strongly recommended. 2. Private Lender Requirements
This includes loans from lenders regulated or insured by the federal government (such as FHA, VA, or Fannie Mae/Freddie Mac loans). do i have to buy flood insurance
Many homeowners assume that if they aren't in a high-risk zone, they don't need coverage. However, the data suggests otherwise: If you meet both criteria, your lender will
If you meet both criteria, your lender will require you to maintain a flood insurance policy for the life of the loan. If you live in an SFHA but own your home (no mortgage), the federal government does not mandate insurance, though it is strongly recommended. 2. Private Lender Requirements
This includes loans from lenders regulated or insured by the federal government (such as FHA, VA, or Fannie Mae/Freddie Mac loans).
Many homeowners assume that if they aren't in a high-risk zone, they don't need coverage. However, the data suggests otherwise: