Stay informed and up to date on Flood Compliance News and Issues
Check this page often for the latest regulatory news along with any other new updates regarding Flood Insurance to help you satisfy the Regulators and avoid Flood Exceptions & Penalties.
Just when you thought you had flood compliance under control at your institution, new flood “hot buttons” pop up during compliance exams! The most recent flood compliance “hot button” is related to flood contents insurance requirements.
Interagency Statement Issued 2013:
This guidance discusses specifics of the Bigger-Waters Flood Insurance Reform Act of 2012 and the impact of the act on the Agencies proposed Interagency Q & A. It finally clarifies many of the areas left vague from the previous Q&A.
The maximum limit of coverage available for non-condominium residential buildings designed for use for 5+ families, classified as “Other Residential Bldgs” by the NFIP, has been increased from $250,000 per building to $500,000.
Click here for a short explanation of the history of Force Placed Flood Insurance regulation and reform and what it means to lenders today.
This information is provided for general purposes only. It does not constitute professional advice and does not create a broker-client relationship. Please consult a Resource Insurance Services, Inc. advisor and/or your compliance officer about your specific needs before taking any action regarding Flood Insurance.