No, but cancelling your flood insurance policy is not recommended due to the following:
- Flood insurance is often considerably cheaper with a LOMA.
- Lenders can still require you have flood insurance (see Mandatory Flood Insurance Requirement)
- Federal Emergency Management Agency (FEMA) Flood levels are "minimum" expected flood levels. Across the nation, flood waters frequently exceed these minimum expected flood heights and X-zone properties have been known to experience flood significant damage/claims.
- If your property is damaged from a flood, any FEMA disaster assistance you might be eligible for would be reduced by the amount of money you would have received from a claim if you had flood insurance coverage.