FHAC Flood Insurance Information

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Flood Insurance Information
See case binder for information regarding flood insurance and policy for this property (if applicable). Do not use dollar signs, commas, decimal points, or cents in any of the monetary fields in this section.
    1. Select Yes or No to indicate whether the property improvement is located in a Special Flood Hazard Area (SFHA) (Zones A or V).
•
If Yes, then you must answer the next question.
•
If No, then skip the next question.
Note: If the answer to the first question is Yes and the loan is for New Construction or a Manufactured Housing dwelling, then the answer to the next question must be Yes.
    2. Select Yes or No to indicate whether a Letter of Map Amendment (LOMA), Letter of Map Revision (LOMR), or Elevation Certificate that indicates the property improvements are not in a SFHA was issued for this property.
•
If Yes, then the rest of the information in this section is not required and is optional.
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If No, then you must enter the following flood insurance-related information.
    3. Select the type of flood insurance secured for the property, if any, from the Insurance Type field. Options include:
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No Insurance (default),
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National Flood Insurance Program (NFIP),
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Private Flood Insurance (PFI), or
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Both NFIP and PFI.
    4. If No Insurance was selected as the Insurance Type, then no additional flood insurance information is required.
    5. If National Flood Insurance Program (NFIP) is selected as the Insurance Type, then enter the following NFIP flood insurance information:
a.
Enter the dollar amount of the flood insurance coverage (0 to 250000) for the dwelling (not a condominium) in the NFIP Flood Insurance Building Coverage field (see the property's flood insurance policy information). Coverage amount must be at least the lesser of:
 
•
Mortgage Amount (with financed UFMIP),
 
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$250,000, or
 
•
100% Replacement Cost (if entered).
Or, if the property is a condominium, enter the project's flood insurance amount in the respective flood insurance building coverage field (0 to 99999999).
b.
Enter the name of the insurance company associated with the entered flood insurance policy number in the NFIP Flood Insurance Company field.
c.
Enter the policy number issued by the insuring company in the NFIP Flood Insurance Policy Number field (see the property's flood insurance policy for information).
    6. If Private Flood Insurance (PFI) is selected as the Insurance Type, then enter the following flood insurance information:
a.
Enter the dollar amount of the flood insurance coverage (0 to 99999000) for the dwelling (not a condominium) in the Private Flood Insurance Building Coverage (see the property's flood insurance policy information). Coverage amount must be at least the lesser of:
 
•
Mortgage Amount (with financed UFMIP),
 
•
$250,000, or
 
•
100% Replacement Cost (if entered).
Or, if the property is a condominium, enter the project's flood insurance amount in the respective flood insurance building coverage field (0 to 99999999).
b.
Enter the name of the insurance company associated with the entered flood insurance policy number in the PFI Flood Insurance Company field.
c.
Enter the policy number issued by the insuring company in the PFI Flood Insurance Policy Number field (see the property's flood insurance policy for information).
    7. If Both NFIP and PFI is selected as the Insurance Type, then:
a.
Enter both sets of insurance fields, National Field Insurance Program (NFIP) and Private Flood Insurance (PFI), as previously described.
b.
The sum of the National Flood Insurance Program (NFIP) Building Coverage and Private Flood Insurance Building Coverage must be at least the lesser of:
 
•
Mortgage Amount (with financed UFMIP),
 
•
$250,000, or
 
•
100% Replacement Cost (if entered).
    8. Enter the dollar amount of the replacement cost to reconstruct the damaged dwelling/buildings in the 100% Replacement Cost field. If the building coverage entered amount is greater than zero (0), then the amount must be at least the lesser of:
•
Mortgage Amount (with financed UFMIP),
•
$250,000, or
•
100% Replacement Cost.
Or, if 100% Replacement Cost is not entered, then the respective Flood Insurance Building Coverage amount must be at least $250,000.  
    9. Enter the assessed value of the land (site value) in the Land Cost field. The amount must be zero (0) or not greater than Appraised Value. Do not enter the value for a condominium.
    10. Select the source that provided the site value from the drop-down list in the Land Cost Source field. This is not required for a condominium.