Generally, when purchasing a new home, the mortgage company requires you to purchase good insurance coverage prior to purchasing the home.
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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.
Most often, if you are going through a mortgage company to purchase your home, or went through a mortgage company, your insurance premiums are usually built into your mortgage payments. The mortgage company holds an escrow account in your name, to take care of annual payments for things like insurance, real estate taxes etc.
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.
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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.
Many times, you can simply choose the lowest coverage available with other insurance, but you have invested time, and money into your home, be sure you get quality coverage.
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.
