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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.
What else can I help you with?
Is it a state law in Minnesota that you have to have renters insurance?
In Minnesota it is required by law to have renter's insurance. This is due to the fact that if your home is ever damaged then you must have the insurance in order to cover the damage to the owner.
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?
Tennessee requires "Proof of Financial Responsibility" which can be satisfied by liability insurance with minimums of 25/50/10. Otherwise, a bond or other assurance of ability to pay damages is required. Proof is not required at the time of vehicle registration, but penalties are incurred if proof is not provided at the time of an accident. Proof is required regardless of fault, so all parties must provide it. Most drivers opt for insurance.
What is the law that determines producer status and binds the agent or broker for his acts and errors?
The law that determines producer status and binds the agent or broker for their acts and errors is typically governed by the laws and regulations set forth by the state's insurance department. Insurance producers are generally required to adhere to certain standards of conduct, follow licensing requirements, and act in the best interests of their clients to avoid potential liability for their actions.
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?
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.
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?
"Flood Insurance" will cover damage resulting from a Flood. Homeowners Insurance will not.
Is classic auto insurance required by law?
No, classic car insurance is not required, but car insurance is. Classic car insurance is just a cheaper way of being insured.
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.
Does flood fringe require flood insurance?
If you live in a flood zone then you must have flood insurance. It is not covered by normal homeowners insurance. It is basically a federal program.
