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NO, But if you live in a designated "Flood Zone" and have financed your home through a mortgage company, then it is probably part of your mortgage contract that you signed with your lender that you would maintain a flood insurance policy until you pay off the mortgage note.
If you fail to purchase the required coverage you are in breach of contract with your mortgage lender. By law and by the terms of your mortgage agreement they can purchase it for you and add the cost to your monthly house payment.
Failure or refusal to maintain the required coverage and pay for the cost of the flood insurance could be the first sign of an eventual foreclosure in the near future.
Wiki User
∙ 12y ago
In general, flood insurance is not required by law for all properties. However, if you have a mortgage on a property located in a designated high-risk flood zone, your lender may require you to have flood insurance. It's always a good idea to check with your insurance provider and lender to understand your specific requirements.
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Is it a state law in Minnesota that you have to have renters insurance?
No, there is no state law in Minnesota that requires tenants to have renters insurance. However, landlords may include a requirement for renters insurance in the lease agreement. It is generally a good idea for tenants to have renters insurance to protect their personal belongings and liability.
What are the legal requirements for selling insurance in Alabama?
In Alabama, individuals selling insurance must be licensed by the Alabama Department of Insurance. Applicants must pass an examination, complete pre-licensing education, and submit an application with required fees. A sponsoring insurance company may also be required for certain types of insurance.
What is the law on auto liability insurance in Tennessee?
In Tennessee, drivers are required to carry auto liability insurance that meets the state's minimum coverage requirements. The minimum liability coverage limits in Tennessee are 25/50/15, which means $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $15,000 for property damage per accident. Failure to carry the minimum required liability insurance may result in penalties such as fines, license suspension, or vehicle registration suspension.
What is the law that determines producer status and binds the agent or broker for his acts and errors?
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Is a background check required to obtain a law degree?
No, a background check is not typically required to obtain a law degree. However, passing a character and fitness evaluation is often necessary to be admitted to the bar and practice law. This evaluation may include a background check.
Do you need flood insurance for a vacation home on the Florida coast?
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Who can get flood insurance?
Anyone.You don't have to own the property in order to get flood insurance.The waiting period for flood insurance is 30 days, unless the insurance coverage is required from your bank.
Can flood insurance be purchased if home is in a floodplain?
Not only can you, if you have a mortgage it will be required...and expensive.
Is collision car insurance required by law?
Yes collision insurance is in fact required by law. This will protect the other person if you are at fault for an accident.
Where can one purchase national flood insurance?
Flood insurance can be purchased from the government from the national flood insurance program (NFIP). If your community participates you can purchase flood insurance from your insurance agencie through the national flood insurance program.
Is the National flood Insurance the only place homeowners can buy flood Insurance from?
No. Several insurance companies offer flood insurance apart from the National Flood Insurance Program.
Can i cancel flood insurance if i have a mortgage?
If your property is in a flood plain or your mortgagor requires flood insurance, no, you cannot cancel flood insurance.
Is auto insurance required in the state of PA?
Auto insurance is a state law requirement in PA. You are only required to carry liability insurance.
Does insurance cover foundation leak after flood?
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Flood Insurance is Valuable?
Flood insurance is extremely valuable and should be added to your list of protections. Available through the government, it can be added to most homeowner's policies. If you live in a flood plain, this insurance is necessary and will probably be required by your lender. It is important to note that flood insurance does not cover floods that originate from inside the home. A burst pipe will not be covered under flood insurance, for example. in order for the damage to be covered, there must be widespread flooding conditions in your area. However, if you live in an area that is prone to high levels of rain, flood insurance can give you invaluable peace of mind.
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Does flood fringe require flood insurance?
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