As a Florida resident, you may be required to purchase flood insurance if:  You live in a designated high-risk flood zone and have a mortgage backed by a federally insured lender; Your lender requires mortgage holders to purchase flood insurance regardless of whether you live in a high-risk zone; You live in a high-risk flood zone and have received disaster assistance through FEMA or the U.S. Small Business Administration. If you choose not to buy flood insurance, you typically won’t qualify for future aid.