Do I Have to Have Flood Insurance?

Is flood insurance necessary for this type home on stilts?

The short answer is no you do not have to have flood insurance if you pay cash or do not have a mortgage. Lenders will require that you carry however if you have a mortgage on the property.

The reason that you SHOULD carry flood insurance is to make certain you are covered in all ways should a hurricane damage your home. Windstorm can sometimes wreak havoc on a claim if flood damage is proven. To ensure that you will have all bases covered, carry both.

The amount you pay for flood insurance is dependent on what flood zone you are located and the height of your home out of the flood plain. Many times insurance can be grandfathered from the existing owner and new owner can acquire the policy at what is currently being paid. Your realtor can assist you with this and even put in the earnest money contract.

These are just my thoughts from experience of selling homes on the Texas Coast. You can reach out to me for other questions and I will connect you with insurance companies that do this for a living.