Only the state government can force you to buy insurance for whatever reason, not the actual companies. And no, not even the government, unless it was voted by majority or ruled justly in a supreme court. But insurance is always worth it, ignorance of the fact that YOU ARE in a flood zone just for an extra few bucks is not.
They can require it. I work for an insurance company and have talked with mortgage companies and individuals needing flood insurance for locations outside of a flood zone, it is annoying, but they can do it. If a company is trying to make you get it, it is likely in your mortgage contract that you will be required to keep flood insurance. See the site below for more info.
as long as a mortgage company is not discriminating against people of various religions or races, they can require you to do whatever they want if you want the money. they can tell you to show up at the closing with a bag over your head if you want the cash.
from fema.gov
"There's a big difference between having to buy flood insurance because the law says you must and choosing to buy flood coverage because it's in your best interests to do so. We recommend that all property owners purchase and keep flood insurance because it is the best means of recovery from flood damaged. "
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June 25th, 2008 at 9:32 am
no you can not
June 25th, 2008 at 9:32 am
NO
June 25th, 2008 at 9:32 am
why would you want flood ins if your not in a flood zone most policys have a water damage clause that makes you covered
June 25th, 2008 at 9:32 am
Only the state government can force you to buy insurance for whatever reason, not the actual companies. And no, not even the government, unless it was voted by majority or ruled justly in a supreme court. But insurance is always worth it, ignorance of the fact that YOU ARE in a flood zone just for an extra few bucks is not.
June 25th, 2008 at 9:32 am
They can require it. I work for an insurance company and have talked with mortgage companies and individuals needing flood insurance for locations outside of a flood zone, it is annoying, but they can do it. If a company is trying to make you get it, it is likely in your mortgage contract that you will be required to keep flood insurance. See the site below for more info.
June 25th, 2008 at 9:32 am
trailerville is right. I have also seen the mortgage companies (mainly Wells Fargo) require flood coverage. Some also require life insurance.
June 25th, 2008 at 9:32 am
as long as a mortgage company is not discriminating against people of various religions or races, they can require you to do whatever they want if you want the money. they can tell you to show up at the closing with a bag over your head if you want the cash.
from fema.gov
"There's a big difference between having to buy flood insurance because the law says you must and choosing to buy flood coverage because it's in your best interests to do so. We recommend that all property owners purchase and keep flood insurance because it is the best means of recovery from flood damaged. "
December 27th, 2010 at 2:54 am
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December 27th, 2010 at 6:25 am
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