Question 1

My home is paid off. Should I cancel my flood policy?

stagingeckburg · Accepted Answer

Flood policies have a unique characteristic in that a buyer of your home can take over your policy. If you purchased your flood insurance at a time when your property was in a less hazardous zone or maybe in no zone at all (which is even better), a home buyer can take over your policy and enjoy a lower premium than what they would pay with a new policy. If you cancel your coverage, it could hinder the resale value of your home because the new property owner would take into account the expense of the flood insurance. If your home is in a higher rated zone since you purchased your flood insurance, we would never recommend cancelling your policy.

Question 2

My home is paid off. Should I cancel my flood policy?

stagingeckburg · Accepted Answer

Flood policies have a unique characteristic in that a buyer of your home can take over your policy. If you purchased your flood insurance at a time when your property was in a less hazardous zone or maybe in no zone at all (which is even better), a home buyer can take over your policy and enjoy a lower premium than what they would pay with a new policy. If you cancel your coverage, it could hinder the resale value of your home because the new property owner would take into account the expense of the flood insurance. If your home is in a higher rated zone since you purchased your flood insurance, we would never recommend cancelling your policy.