If a home is in a high-risk flood zone and the loan is federally backed or regulated, the lender must require flood insurance. The premium is usually collected through escrow and becomes part of the monthly housing cost. Ask for the flood determination early so the premium is in your budget.
Last reviewed against the primary sources listed below.
Add it to the workbench
Annual flood premium.
Whether it will be escrowed.
Renewal date.
Line-item questions
Is flood insurance part of my mortgage payment?
Often, when it is collected through escrow.
Who decides if I need flood insurance?
The lender, based on the flood zone determination.