Answer
Jun 27, 2024 - 02:19 PM
Residents and business owners who own property in high-risk areas (known as Special Flood Hazard Areas [SFHAs]) are required to purchase flood insurance if they have a mortgage from a federally regulated or insured lender. This insurance must be maintained for the life of the mortgage. Each flood insurance underwriter has very specific mid-term cancellation guidelines. In most cases, a flood policy can only be cancelled mid-term due to the sale of the property or if flood insurance is no longer a lender requirement.
