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Do I need flood insurance if I own my home?
I just finished paying off my mortgage a few months ago, so I’m thinking about canceling my flood insurance. Am I required to maintain flood insurance if I own my home?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Paying off your mortgage is a huge financial achievement, so congrats! Whether you need
flood insurance
depends on where you live. If you live in a high-risk flood zone, federal law requires that you carry a flood insurance policy, regardless of whether you own your home outright or not. If you live in a low to moderate risk flood zone, you aren’t required to have flood insurance unless a lender requires it.
That said, just because flood insurance may not be required doesn’t mean you shouldn’t purchase it anyways! Considering just one inch of floodwater can cause up to $25,000 worth of damage, investing in flood insurance could be a wise decision, especially if you live in an area prone to flooding.
Additionally, most insurance companies exclude flood damage from your policy’s
covered perils
, so in the unfortunate event your home is flooded, you’d have to pay for repairs out-of-pocket which can get remarkably expensive.If you want to save some money and make affording flood insurance more manageable, you should use
Jerry
to compare home insurance quotes
and purchase a new policy.After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy. So why do all that extra work when Jerry can do it better?
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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