In this article and video we look at how the type of loan you have on a property could impact your flood insurance options.
Until the last few years there really was only one flood insurance option which is the National Flood Insurance Program. However private flood insurance has made a big push over the last 15 years. In 2019 the FDIC ruled that banks could accept private flood insurance on many loan types like conventional loans. Some government loans like FHA still require you to go through the National Flood Insurance Program. This could mean a big difference in premiums.
So when purchasing a property it's important to review what type of loan you will be doing.