What is a Conditional Letter of Map Revision and can it be used to waive the flood insurance requirement?
A Conditional Letter of Map Revision (CLOMR) is a formal opinion from FEMA that states whether or not a proposed project complies with floodplain management criteria and whether or not changes will be made to the existing Flood Map once the project is completed. The mandatory purchase of flood insurance requirement is based upon the current flood map; thus, a lending institution cannot waive the flood insurance requirement based upon a CLOMR. Once the project is completed, FEMA can review the CLOMR and the finished construction; if appropriate, it will issue a final LOMR that lenders can use to waive the flood insurance requirement. Back to Top 7. TOP FIVE REASONS WHY MY PROPERTY DOES NOT NEED FLOOD INSURANCE Even with the frequency of flooding events throughout the country, most lenders, servicers, and insurance personnel have heard various protests from homeowners when they are told that flood insurance is required for their home. Flooding is the most common and most costly form of n
Related Questions
- What are the communitys responsibilities in the Conditional Letter of Map Revision (CLOMR)/Letter of Map Revision (LOMR) process?
- What is a Conditional Letter of Map Revision and can it be used to waive the flood insurance requirement?
- When should I request a map revision to the Flood Insurance Rate Map (FIRM)?
