Who makes the determination concerning flood exposure to property?
The lender is responsible for making a determination based on the location of the structure in relation to the special flood hazard area as shown on the Flood Insurance Rate Map (FIRM). The lender also has the right to hire a third party determination company to make these determinations. The lender or the determination company is then responsible for completing the Standard Flood Hazard Determination Form showing their determination. 3. Who is the final authority on requirement for flood insurance? The lender is the final authority. If the structure is located within the special flood hazard area (SFHA) on the currently effective FIRM, they must require flood insurance if they have an insurable interest in that structure. If the lenders regulatory authorities perform a review of their files and find that they do not have flood insurance policies for structures located within the SFHA, that lender can face fines up to $100,000 a year. 4. What is the only government agency with the auth
Related Questions
- Is my property located in a Critical Area (wetlands, shorelines, endangered species habitat, flood hazard area, noise zone, and others)?
- What if I believe that my property is not located in a Special Flood Hazard Area, but the flood determination says that it is?
- Can a flood determination be completed on a property without a structure?
