Question:
What will happen if I do not buy flood insurance when it is required?
Answer:
If you do not purchase flood insurance, your lender can "Force-place" a flood insurance policy on your property. Be aware this typically costs significantly more than the policy you could have purchased on your own. "Force-place" means your lender will buy a policy and bill you for it. By law, federally regulated or insured lenders must require flood insurance in high-risk areas for property on which they have issued a loan.
What will happen if I do not buy flood insurance when it is required?
Answer:
If you do not purchase flood insurance, your lender can "Force-place" a flood insurance policy on your property. Be aware this typically costs significantly more than the policy you could have purchased on your own. "Force-place" means your lender will buy a policy and bill you for it. By law, federally regulated or insured lenders must require flood insurance in high-risk areas for property on which they have issued a loan.