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�EPAl1fH <br /> Federal Emergency Management Agency <br /> Washington, D.C. 20472 <br /> ADDITIONAL INFORMATION REGARDING <br /> LETTERS OF MAP AMENDMENT <br /> When making determinations on requests for Letters of Map Amendment (LOMAs), the Department of <br /> Homeland Security's Federal Emergency Management Agency ( 'FMA) bases its determination on the <br /> flood hazard information available at the time of the determination. Requesters should be aware that <br /> flood conditions may change or new infomtalion may be generated that would supersede F'EMA's <br /> determination. In such cases, the community will be informed by letter. <br /> Requesters also should be aware that removal of a property (parcel of land or structure) from the Special <br /> Flood-Hazard-Area (SFHA) means-FEMA-has determined the property-is.not.subject.to-inundation.by.lhc- <br /> flood having a I-percent chance of being equaled or exceeded in any given year (base flood). This does <br /> not mean the property is not subject to other flood hazards. The properly could be inundated by a flood <br /> with a magnitude greater than the base Flood or by localized flooding not shown on the effective National <br /> Flood Insurance Program (NFIP) map. <br /> The effect of a LOMA is it removes the Federal requirement for the lender to require flood insurance <br /> coverage for the property described. The LOMA is nota waiver of the condition that the property owner <br /> maintain flood insurance coverage for the property. Only the lender can waive the flood insurance <br /> purchase requirement because the lender imposed the requirement. The property ranter must request and <br /> receive it a,itien univerfrom the Icnderbefore canceling the policy.The lender may determine,on its own <br /> as a business decision, that it wishes to continue the flood insurance requirement to protect its financial <br /> risk on the loan. <br /> The LOMA provides FEMA's comment on the mandatory flood insurance requirements of the NFIP as <br /> they apply to a particular property. A LOMA is not a building permit, nor should it be construed as such. <br /> Any development, new construction, or substantial improvement of a property impacted by a LOMA must <br /> comply with all applicable State and local criteria and other Federal criteria. <br /> If a lender releases a properly owner from the flood insurance requirement, and the properly owner decides <br /> to cancel the policy and seek a refund, the NFIP will refund the premium paid for the current policy year, <br /> provided that no claim is pending or has been paid on the policy during the current policy year. The <br /> property owner must provide a written waiver of the insurance: requirement from the lender"to the propchTy <br /> insurance agent or company servicing his or her policy. The agent or company will then process the <br /> refund request. <br /> Even though structures are not located in an SFHA, as mentioned above, they could be flooded by a <br /> flooding event with a greater magnitude than the base flood. In fact, more than 25 percent of all claims <br /> paid by the NFIP are for policies for structures located outside the SFHA in Zones 13, C, X (shaded), or X <br /> (unshaded). More than one-fourth of all policies purchased under the NFIP protect structures located in <br /> these zones. 'file risk to structures located outside SIT[As is just not as great as the risk to structures <br /> located in SI°HAs. Finally, approximately 90 percent of all federally declared disasters are caused by <br /> flooding, and homeowners insurance docs not provide financial protection from this flooding. Therefore, <br /> FEMA encourages the widest possible coverage under the NFIP. <br /> LOMALNC-I <br />