Laserfiche WebLink
Federal Emergency Management Agency <br /> EcJ«t: Washington, D.C. 20472 <br /> ND 5 <br /> ADDITIONAL INFORMATION REGARDING <br /> LETTERS OF MAP REVISION BASED ON FILL <br /> When making determinations on requests for Letters of Map Revision based on the pl cement of fill <br /> (LOMR-Fs), the Department of Homeland Security's Federal Emergency Management Agency (FEMA) <br /> bases its determination on the flood hazard information available at the time of the determinati on. Requesters <br /> should be aware that flood conditions may change or new information may be generated that%vould supersede <br /> FEMA's 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) f om the Special <br /> Flood Hazard Area(SFHA) means FEMA has determined the property is not subject to in ndation by the <br /> flood having a 1-percent chance of being equaled or exceeded in any given year(base flood). This does not <br /> mean the property is not subject to other flood hazards. The property could be inundated by a flood with a <br /> magnitude greater than the base flood or by localized flooding not shown on the effective National Flood <br /> Insurance Program(NFIP)map. <br /> The effect of a LOMR-F is it removes the Federal requirement for the lender to require flood insurance <br /> coverage for the property described. The LOMR-F is not a waiver of the condition that the property owner <br /> maintain flood insurance coverage for the property. Only the lender can waive the flood inst rance purchase <br /> requirement because the lender imposed the requirement. The property owner must requ t and receive a <br /> written waiver from the lender before canceling the policy. The lender may determine, n its own as a <br /> business decision,that it wishes to continue the flood insurance requirement to protect its fina rcial risk on the <br /> loan. <br /> The LOMB-F provides FEMA's comment on the mandatory flood insurance requirements of t e NFIP as they <br /> apply to a particular property. A LOMR-F is not a building permit,nor should it be construed as such.Any <br /> development, new construction, or substantial improvement of a property impacted by a LOMR-F must <br /> comply with all applicable State and local criteria and other Federal criteria. <br /> If a lender releases a property owner from the flood insurance requirement,and the property owner decides to <br /> 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 ye . The property <br /> owner must provide a written waiver of the insurance requirement from the lender to the pro ierty insurance <br /> agent or company servicing his or her policy. The agent or company will then process the efund request. <br /> Even though structures are not located in an SFHA,as mentioned above,they could be flood4 d by a flooding <br /> event with a greater magnitude than the base flood. In fact, more than 25 percent of all clams paid by the <br /> NFIP are for policies for structures located outside the SFHA in Zones B,C,X(shaded),o X(unshaded). <br /> More than one-fourth of all policies purchased under the NFIP protect structures located in tl iese zones. The <br /> risk to structures located outside SFHAs is just not as great as the risk to structures located in THAs.Finally, <br /> approximately 90 percent of all federally declared disasters are caused by flooding, ar d homeowners <br /> insurance does not provide financial protection from this flooding. Therefore,FEMA encoui ages the widest <br /> possible coverage under the NFIP. <br /> OMRFENC-I <br />