fundamental flood insurance requirements


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fundamental flood insurance requirements

Flood insurance requirements can vary depending on factors such as location, type of property, and lender policies.

However, there are some fundamental requirements typically associated with flood insurance: National Flood Insurance Program (NFIP) Requirement: Properties located in Special Flood Hazard Areas (SFHAs) with mortgages from federally regulated or insured lenders are required to have flood insurance if the property is in an area participating in the NFIP.

The NFIP is administered by the Federal Emergency Management Agency (FEMA).

Coverage Limits: The amount of coverage required may be determined by the lender or by NFIP guidelines.

Typically, the coverage should be sufficient to cover the outstanding balance on the mortgage or the maximum amount allowed under the NFIP, whichever is lower.

Type of Coverage: Flood insurance policies typically cover both the structure of the property and its contents.

However, depending on the lender and the property type, they may require coverage for the structure only or may recommend additional coverage for personal belongings.

Elevation Certificate: In some cases, a property owner may be required to obtain an elevation certificate to determine the property's flood risk.

This certificate provides information on the property's elevation relative to the base flood elevation and helps determine the appropriate flood insurance premium.

Continuous Coverage: Property owners are generally required to maintain continuous flood insurance coverage as long as the property is located in a high-risk flood zone and there is a mortgage on the property.

Private Flood Insurance: In some cases, lenders may accept private flood insurance policies that meet certain criteria, such as providing coverage comparable to NFIP policies.

However, this varies by lender and may require approval.

Flood Zone Determination: Lenders typically require a flood zone determination to assess the property's flood risk and determine the need for flood insurance.

This determination is often based on FEMA flood maps.

It's essential for property owners to understand their specific flood insurance requirements, which can be obtained from their lender or insurance provider, and to ensure they have adequate coverage to protect their property from flood damage.

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Here is what our clients are saying about us:

I have known Tim for many years and he is a man with great integrity, work ethic and one of the nicest persons I know. Over the years Tim has provided insurance counseling and advice to our company, for myself personally, as well as to our clients. Recently Tim, took time to analyze our flood insurance policy and he was able to make some excellent recommendations. Our flood insurance costs are now less and we have much better coverage. I recommend Tim to anyone without hesitation or reservation.
Edward Semambya, CPA

We contacted Mr. Holt for an estimate via email over the weekend prior to a closing on a property, hoping for a response on the following Monday to take with us with confidence in being insured at the settlement table on a Tuesday. He exceeded our expectations not once but in readily responding to the initial request and then to follow-up questions all during the weekend frenzy that occurs before closing. "Impressive and responsive customer service," for sure!
Ken Reuwer

I have no problem giving you an A1 reference for taking care of the flood policies for me and Diane. I appreciate you working with the mortgage company: the surveyor and our previous agent. The result was a 75% reduction in our flood insurance premiums!
Mike Edwards


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