flood-insurance

Phase 3: Flood Insurance

 

If you live in a flood zone, flood insurance will be required. Flood insurance coverage must usually equal the lesser of guaranteed replacement costs (unpaid principal balance of the loan may be used if replacement costs are not available) or the maximum available under the National Flood Insurance Program.

Your lender will direct you if flood insurance is required. The national flood insurance program website is www.fema.gov/natural-flood-insurance-program