Eligible - Home Repairs, Flood Insurance Required. This status means that once an applicant accepts this award, they will have a flood insurance requirement moving forward. They must obtain and maintain a flood insurance policy of equal or greater value than the award received from the IHP for real or personal property: for owners - Flood insurance coverage must be maintained at the address for as long as the address exists. If the home is sold or otherwise becomes owned by someone else, the new owner is required to purchase and maintain flood insurance; for renters - Flood insurance coverage must be maintained on the contents for as long as the applicant lives at the flood-damaged rental property. The restriction is lifted once the applicant moves from the rental unit. New renters will NOT be required to maintain flood insurance for their PP unless they previously received assistance for insurable flood loss while residing at the same address.