Flood insurance: What to know

  • Article
  • Updated: July 28, 2012 - 8:52 PM

Can a lender obtain flood insurance for your house without your permission? Yes. Federal law requires flood insurance for homes with a federally regulated mortgage in a so-called Special Flood Hazard Area, where the risk of flooding is at least 1 percent in a given year. Nationwide, about 5 percent of homes are within an SFHA. In individual cases, some lenders reserve the right to require flood insurance regardless of flood risk.

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