You may be required to buy flood insurance if your home is in a high-risk flood area and you have a federally backed mortgage.
There are two main options to buy flood insurance: through the National Flood Insurance Program (NFIP), which is backed by the federal government, or through a private insurer. Until the last few years, the private flood insurance market was prohibitively expensive, though.
At ValuePenguin, we write about how to understand whether you're required to get flood insurance, the best and most affordable options for flood insurance and the average cost of coverage, among other topics.
Flood Insurance Research & Advice
The average cost of flood insurance in Georgia is $689 per year. State law doesn't require flood insurance, but mortgage lenders often do.... Read More
If your home was damaged by a flood but you don't have flood insurance, you can apply for grant money from FEMA or a loan from the SBA to... Read More
Though flood insurance isn't a legal requirement for North Carolina homeowners, some homes at high risk of flooding may need it in order to... Read More
Flood insurance is optional for most Louisiana homeowners, but it's worth considering even if you don’t live in a high-risk flood area.... Read More
If you have a mortgage and live in a high-risk area for floods, you almost certainly need an elevation certificate. Learn about when flood... Read More
The average cost of flood insurance in Texas is about $634 per year. You may need to purchase a policy to get a mortgage if your house is... Read More