We are in the process buying a home and we ARE going to get homeowners insurance but I was just wondering if they make you get it? Also I was wondering if anybody knows if I live on a flood plain if i HAVE to get flood insurance too? THANK YOU!
Answers:
1No, you don't have to get it, unless you're borrowing money to buy the house. If you pay cash for the house, no one makes you buy insurance. But a mortgage company won't give you money to buy a house, unless you have homeowners insurance in place.
If you're in a 500 year flood plain, you do NOT need flood insurance. If you're in a 100 year flood plan, you DO need flood insurance, but again, ONLY if you have a mortgage on the house. There's no LAW that says you have to have it - it's a LENDER requirement.
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