Depending on where the property you’re buying is located, your lender may require that you buy flood insurance. Not every home will be required to have flood protection; just those in high-risk flood zones.
How do you know if that applies to your property? FloodSmart.gov offers a flood risk profile tool to assess a property’s flood risk. Enter in the address, and you’ll learn whether the property is in a high-risk area and what average flood insurance premiums are in your area.
Homes in medium- and low-risk areas won’t typically be required to buy flood insurance, but know that your regular homeowner’s insurance policy won’t cover you should you suffer flood-related damage.