Flood insurance is not always a requirement, generally if you live in an area that frequently is flooded or lies in a flood zone you will need flood coverage.
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Many potential home buyers aren't sure how much coverage they'll need for their new home. Usually you will want enough coverage and insurance that covers the cost of your belongings inside the home as well as the cost to remove or rebuild if there is a disaster such as flood or fire.
Many times the average insurance company does not offer flood insurance, this is usually an additional waiver that must be purchased in addition to general home owners insurance.
Owning your own home is a large responsibility and an investment. Protect you and your family with quality coverage, after all you want to protect your investments.
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You must also look at the cost of your home today and what the actual cost would be if you had to rebuild. When estimating the cost of the items you have in your home, called the house contents, you'll want to set the price so that the item will be able to be replaced. Many people confuse the cost of the items with what they feel it's worth, rather than the actual cash value.
Not only you, but the mortgage company has a vested interest in your new home. The mortgage company needs to be assured that if something were to happen to your new home, both of you will be able to recover from damages.
Many home owners who live around a flood area, but not necessarily in a flood zone, purchase a flood waiver. This is to simply protect them from the possibility of losing their home or having severe water damage.
