As far as I know, in most areas of the country, flood insurance IS mandatory if you are considered to be even a little in a flood zone. How the whole city of New Orleans was deemed to be out of harm’s way because they had levees is beyond me. My city also has levees, yet anyone buying a home with a mortgage in a flood zone is required to have the insurance.
I don’t think anyone can escrow for flood insurance. I thought the rule is that the annual premim has to be paid upfront. Has anyone else found out differently?
No, not all areas of NO are the surrounding area is deemed a flood zone. Therefore, not all areas are required to have flood insurance. My friend lived in St Bernard and did not live in a flood zone,therefore, the mortgage company did not require flood insurance. The house is 2 feet off ground and had 5 feet of water in it and you know what, FEMA still does not declare it in a flood zone. Go figure! I live about 500 yds from the Mississippi River which has levees and am not in a flood zone. I am 12 feet above sea level and it has never flooded here, I do have Preferred Risk. Being surrounded by levees does not mean you are in a flood zone!
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As far as I know, in most areas of the country, flood insurance IS mandatory if you are considered to be even a little in a flood zone. How the whole city of New Orleans was deemed to be out of harm’s way because they had levees is beyond me. My city also has levees, yet anyone buying a home with a mortgage in a flood zone is required to have the insurance.
I don’t think anyone can escrow for flood insurance. I thought the rule is that the annual premim has to be paid upfront. Has anyone else found out differently?
No, not all areas of NO are the surrounding area is deemed a flood zone. Therefore, not all areas are required to have flood insurance. My friend lived in St Bernard and did not live in a flood zone,therefore, the mortgage company did not require flood insurance. The house is 2 feet off ground and had 5 feet of water in it and you know what, FEMA still does not declare it in a flood zone. Go figure! I live about 500 yds from the Mississippi River which has levees and am not in a flood zone. I am 12 feet above sea level and it has never flooded here, I do have Preferred Risk. Being surrounded by levees does not mean you are in a flood zone!