What is the definition of flood insurance?

Answer Flood insurance is a type of insurance policy that covers damage to a home caused by an overflow of water brought on by a natural disaster. It is a federal plan backed by the National Flood Insuran... Read More »

Top Q&A For: What is the definition of flood insurance

Do you need to have flood insurance in a flood zone?

Not if you don't have a mortgage.But if you have a standard mortgage, one of the conditions of that mortgage, is that you carry both hazard and flood insurance, if the property is located in a high... Read More »

Are lenders requiring flood insurance in flood zones?

On One Hand: Insurance is NecessaryAccording to the United States Department of the Treasury, banks have to require you to purchase flood insurance before giving you a mortgage if the property is o... Read More »

IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?

Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo o... Read More »

What is national flood insurance Zone V?

The Federal Emergency Management Agency (FEMA) is responsible for classifying land according to its flood risk. This information is made available to the public through Federal Insurance Rate Maps.... Read More »