Do you want to drive a car? Where's your Auto Insurance? Do you want to live in a potential or actual flood zone? Well, you don't yet have to have Flood Insurance; but if you'll want FEMA assistance after a future flood, you'll apparently need such Flood Insurance going forward.
Hurricane Sandy has devastated 14 states along the East Coast with flooding. Unfortunately, many people affected by the hurricane had no flood insurance, but now as a condition of receiving assistance must purchase and maintain coverage as long as the property is owned.
When property owners receive financial assistance from the federal government following a presidentially declared disaster, they may be required to purchase flood insurance coverage. Federal law mandates the purchase of flood insurance as a condition of disaster funding.