Who must purchase flood insurance?
In the U.S., under the National Flood Insurance Act, lenders must require borrowers whose property is located within one of the Special Flood Hazard Areas (SFHAs; areas with the greatest risk of flooding) to purchase flood insurance as a condition of receiving a federally regulated mortgage loan. Lenders should notify borrowers that their property is located in an SFHA and that National Flood Insurance is required.
Source: NOAA and NWS
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