4/12/2023 0 Comments Flood insurance rate mapWith Risk Rating 2.0: Equity in Action, FEMA addresses rating disparities by incorporating more flood risk. Review your property’s flood map to better understand your flood risk and insurance options. National Flood Insurance Program Requirements 59.1 - Definition 59.22 (6) - Local Map Repository 59.22 (9) (v) - Community Boundary Updates 64. Your home’s flood risk can change over time due to weather patterns, land development, and erosion. However, the new maps must clearly show the structure to be located outside of the SFHA. Official map of a community on which FEMA has delineated the Special Flood Hazard Areas (SFHAs), the Base Flood Elevations (BFEs) and the risk premium zones applicable to the community. In these situations, property owners can apply for Letter of Map Amendment – Out as Shown with FEMA to remove the mandatory purchase requirement of flood insurance.In some instances, the new SFHA will be located on the property but does not encompass the structure.Occasionally, the company will perform a determination and indicate the property is located in the new SFHA without reviewing the new maps to determine if the structure itself is located in the SFHA.To make such determinations these companies often utilize software programs that compare the new FEMA flood maps against parcel data. North Carolinas Digital Flood Insurance Rate Maps (DFIRM) enable business leaders and residents to more accurately predict flood hazards and prepare for.Lending institutions typically hire a flood zone determination company to review the new floodplain maps and make a determination on whether the structure is located in the SFHA. Lending institutions are required by the Flood Disaster Protection Act (originally passed by Congress in 1973) to mandate property owners purchase flood insurance if the structure that is used as collateral for the mortgage is located within the Special Flood Hazard Area (SFHA).Lending institutions will often perform a review of outstanding mortgages in a community when the new Flood Insurance Rate Maps are issued to determine if any properties are located in the Special Flood Hazard Area (i.e., 100-year floodplain).Instructions on requesting a redetermination can be found in the letter. If there is a LOMC not on the list that you feel should have been revalidated, FEMA has a process to request a redetermination.
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