Do I need flood insurance if I pay cash for my home?

By Steve Conley

Short Answer

While lenders require flood insurance for financed properties, cash buyers are not legally required to carry it. However, given the Keys' high flood risk, flood insurance is strongly recommended even for cash buyers to protect their investment.

Steve's Advice

Steve Conley

Principal, Conley Sales Group at COMPASS

Technically no -- flood insurance is only required by lenders. But I strongly recommend it regardless. Every Keys home is in a flood zone and the risk is real. I have seen owners without flood coverage lose everything after a storm. Protect your investment.

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More questions in Flood Insurance & FEMA

How much does flood insurance cost in the Florida Keys? What flood zone am I in for my Keys property? How much does flood insurance cost in the Florida Keys? What is a FEMA elevation certificate? Can I get cheaper flood insurance if my home is elevated? What is the difference between Zone AE and Zone VE? How does flood insurance affect my monthly payment? What is the National Flood Insurance Program? Can I shop for private flood insurance in the Keys? How do flood zones change over time? What Flood Zone Is My Florida Keys Property In? Can the New Florida Keys Flood Maps Change What I Can Build? Insurance Requirements for Coastal Properties in the Florida Keys

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