Mortgage lenders may require flood insurance as part of the lending requirements, especially if the home is located in an area that is considered having a high risk for floods. These areas are designated as a “Special Flood Hazard Area” by the Federal Emergency Management Agency (FEMA).

Homeowner’s insurance does not usually cover flood damage. Flood insurance is a special type of coverage that is a separate policy. If the mortgage is federally insured or regulated, such as an FHA loan, and the home is in a high-risk area for floods, then having flood insurance is mandatory.

Even if a lender does not require flood insurance, it may still be a good idea to have it because weather patterns are changing and the risk of flooding may be there even if the home is not in a designated Special Flood Hazard Area. EcoWatch reported in 2017 that there is increasing flood risk due to the changing weather patterns that are causing routine flooding in areas that were not previously susceptible to flooding.

If you are looking to buy a home, check with an insurance agent at Freeland Insurance in Oklahoma City, OK and they can help determine if the home is in a flood zone. Sometimes real estate agents do not mention the need for flood insurance until the home someone wants to purchase is already in escrow. FEMA has maps available for the public that show where the flood zones are located. If the home is near a flood zone but not within the boundaries, it still may be a good idea to have flood insurance. Just a few inches of water that enters a home can do serious damage and create the need for costly repairs.

Contact an insurance agent at Freeland Insurance in Oklahoma City, OK for any flood insurance or other insurance needs.