Am I required to purchase earthquake or flood insurance?

These losses are specifically excluded in all policies. So if you live on the San Andreas fault or on the banks of the Mississippi, or anywhere where earthquakes or floods are probable, your mortgage lender will require you to buy separate insurance covering your particular risk – especially if such a catastrophe has happened previously in your area. If either is a distinct possibility where you live, you will probably want to buy such insurance even if it isn’t required. But these are expensive coverages.The National Flood Insurance Program (NFIP) offers flood insurance in many areas. Local insurance agents also sell NFIP flood policies, and can describe the program in your area. The Federal Emergency Management Agency provides information on its website. Earthquake insurance is offered by state agencies in earthquake-prone areas. However, check to see if your current insurer will provide this coverage as it will probably be less expensive.Depending upon where you live, hurricane, windstorm or damage caused by hail may be excluded from a standard policy also. A homeowner may have to buy special coverage for these risks.By the way, most standard policies also exclude termite damage, damage caused by insects, rats, or mice, wear and tear, water damage caused by repeated and continuous seepage, and a few other risks. These perils are controllable and homeowners should examine their homes and do what is needed to correct them.For information about insurance law, check out the FreeAdvice Insurance Law FAQs.