Are some people required to have flood insurance?
You may be required to have flood insurance.
- Got a Mortgage? Homes and businesses in high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance. While flood insurance is not federally required if you live in a moderate- to low-risk flood area, your lender may still require you to have insurance.
- Received Disaster Assistance? If you live in a high-risk flood zone and you’ve received federal disaster assistance in the form of grants from FEMA or low-interest disaster loans from the U.S. Small Business Administration (SBA) following a Presidential Disaster Declaration, you must maintain flood insurance in order to be considered for any future federal disaster aid.