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If your house is paid off, no, it would not be required.
If the house is located in a flood prone area and still on a mortgage note then Yes, Most lenders will require that you maintain flood insurance for protection of the property until the loan is paid off.
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Is a porch and deck covered under homeowner insurance or Flood insurance?
yes
Is flood insurance included in basic homeowners insurance?
Homeowner's insurance policies do not cover flood damage. You will need a Flood Insurance policy and to get one you will have to apply and wait 30 days.
Does a National Flood Insurance policyholder have to wait for a Presidential disaster declaration before filing an insurance claim for flood damage?
No. Flood insurance is purchased by the homeowner to provide coverage for losses elated to flooding. The president has nothing to do with your flood insurance.
Does homeowner's insurance cover non-flood damage for water in basements?
Homeowner's insurance is a very important essential if someone owns a home. This insurance does not cover non-flood damage for water in the basement, though. It only covers flood damage or loss of valuables. http://wiki.answers.com/Q/What_does_homeowners_insurance_cover
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.
Do you need windstorm insurance if you are a homeowner?
If you have a mortgage, it may be required.
Do homeowner insurance policies typically include flood coverage?
There is no requirement, but your mortgage company may require a certain amount of coverage that both policies will have to match.
Do you need flood insurance for a vacation home on the Florida coast?
Flood insurance is generally not included in homeowners insurance policies, so you may want to consider flood insurance. Flood insurance is required in some flood zones. Contact your local insurance agent to find out if your vacation home is in a flood zone that requires flood insurance.
What services does the website Homesite offer?
The website Homesite offers various types of insurance sevices. They include homeowner insurance, rental insurance, condo insurance, flood insurance, etc.
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.
What type of liability insurance does a homeowner need?
Homeowner's insurance covers most basic liability needs, should someone become injured on your property. Additional coverage against fire, flood, and earthquake is also recommended to protect your investment.
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.
