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Nor am in the flood zone.

I believe you mean that you are not in a Special Flood Hazard Area (SFHA). If you are in an SFHA and getting a mortgage that is federally backed in any way, you will be required to get a Flood Insurance policy.

However, if you are not in an SFHA odds are you can still get a Flood Insurance policy - most likely a Preferred Risk Policy which is really quite cheap. I'd encourage you to strongly consider it, as the number of people in non-SFHA zones who get flooded is not trivial. Last year when there was so much flooding in Iowa, I remember reading that a fairly significant percentage of the people impacted lived in non-SFHA zones and because they hadn't gone ahead and bought the PRP policy some of them really lost out. For my own home in a non-SFHA zone in KS, a policy for approximately 200K building and 50K contents rated at about $300-$375.

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