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Fannie Mae does not require evidence of a master flood insurance policy, provided the unit owner maintains an individual flood dwelling policy that meets the coverage requirements of this Guide for the following loans or project types: high LTV refinance loans, units in a two- to four-unit project, and.
All permits identifying a site as being in or out of the floodplain should allow for on site inspection of construction activities. Construction, installation, or renovation of a structure within the floodplain without a permit would be punishable by a fine of not less than $5,000 and removal of the structure.
Federally-regulated lending institutions complete this form when making, increasing, extending, renewing or purchasing each loan for the purpose is of determining whether flood insurance is required and available.
Definitions. High-Risk Advisory Zones: : High-risk advisory zones ? Preliminary NFHL, Advisory A, or Updated AE ? are non-regulatory 1%-annual-chance flood zones represented as orange-colored flood zones in the WV Flood Tool.
The Standard Flood Hazard Determination Form is required for all federally backed loans and is used by lenders to determine the flood risk for their building loans. The form is authorized by the National Flood Insurance Reform Act of 1994 and is imposed on lenders by their regulatory entities, not by FEMA.
Declarations page which includes the policy number and certain information about the insurance company or agent.
All federally regulated and insured lenders must require flood insurance before extending a loan to a home in a high-risk flood zone. Mortgage lenders base their flood insurance requirements on Federal Emergency Management Agency (FEMA) flood maps.
Average Flood Insurance Cost and Coverage. West Virginia has more places at risk of flooding, which could be why the average cost of flood insurance is higher at $1,344 per year than it is nationwide at $767. Flood risk does determine the cost in West Virginia.