If you live in a designated flood area, and have a mortgage, you are required by FEMA’s National Flood Insurance Program (NFIP) to have flood insurance. Until recently that coverage had to be purchased through NFIP. However recent changes have opened up the door for private insurance companies to start competing with NFIP. While these changes are still developing some mortgage companies are now accepting private flood insurance plans as well as the NFIP.

With competition come better pricing and better coverage options. If you are now required to have flood insurance, contact your lender to find out if they will accept flood insurance from a private insurance carrier.