When making or extending a property loan (including a home equity loan), lenders are required to make a determination (called a Standard Flood Hazard Determination) as to whether or not the building is in a Special Flood Hazard Area (SFHA). All homeowners in Special Flood Hazards Areas with mortgages from federally regulated or insured lenders are required to buy flood insurance.
Even if you are not required to carry flood insurance you may wish to do so to ensure that you are covered in case of flood damage. Renters may wish to buy coverage for their contents.
For more information on flood insurance talk with your insurance agent or the National Flood Insurance Program 800-638-6620 or check FloodSmart | The National Flood Insurance Program see also Answers to Questions about the National Flood Insurance Program
Information for Lending & Insurance Professionals | FEMA.gov