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2 <br /> It should be noted that this property could be inundated by a flood greater <br /> than the 1% annual chance flood or by local flooding conditions not shown on <br /> the NFIP map. Also, although we have based our determination on the <br /> information presently available, flood conditions may change or new <br /> information may be generated that would supersede this determination. <br /> If a flood insurance policy has been issued under the NFIP covering the <br /> buildings on the aforementioned property and that policy was required by the <br /> mortgage company in conjunction with Federal flood insurance requirements, <br /> then flood insurance coverage is no longer required under those Federal <br /> requirements. <br /> Accordingly, if a lender imposed the flood insurance requirement, that lender <br /> will have to determine whether or not to continue that requirement. The <br /> lender may determine, as a business decision, that it wishes to continue the <br /> flood insurance requirement in order to protect its collateral security on the <br /> loan. <br /> If the lender decides to release the borrower from the flood insurance <br /> requirement, and the insured decides to cancel the policy and seek a refund, <br /> then the NFIP will refund the premium paid for the current policy year, <br /> providing that no claim is pending or has been paid on the policy during the <br /> current policy year. The insured must obtain a written waiver of the flood <br /> insurance requirement from the lender to provide to their property insurance <br /> agent or company that is servicing their policy. The agent or company will <br /> then process the refund request for the insured. <br /> Even though the condominium structure (Units 1-16) and two detached garages <br /> are not located in an SFHA, as mentioned above, they could be flooded by a <br /> flooding event of greater magnitude than a 1% annual chance flood. In fact, <br /> more than twenty-five percent of all losses in the NFIP occur to buildings <br /> located outside the SFHA in Zone B, C, or X. More than one fourth of all <br /> policies purchased under the NFIP protect buildings located in these zones. <br /> That risk is just not as great as the flood risk to buildings located in <br /> SFHAs. In order to offer flood insurance protection to owners of such <br /> buildings, the NFIP offers two types of flood insurance policies: the <br /> Standard Policy and the Preferred Risk Policy (PRP) . The PRP is available at <br /> low cost for buildings located outside the SFHA with little or no loss <br /> history. Information about the PRP and how one can apply is enclosed. The <br /> Standard Policy is available for all other buildings. Individual flood risk <br /> situations and insurance needs should be discussed with an insurance agent or <br /> company before making a final decision regarding flood insurance coverage. <br /> A copy of this Letter of Map Amendment is being sent to your community's <br /> official NFIP map repository where, in accordance with regulations adopted by <br /> the community when it made application to join the NFIP, it will be attached <br /> to the community's official record copy of the NFIP map which is available for <br /> public inspection. <br />