Keyword Analysis & Research: flood insurance 2016

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Frequently Asked Questions

What changes have been made to the flood insurance rule?

Notable changes established in the rule include: For all new loans secured by residential improved real estate or a mobile home or ones that experience a “triggering event” (making, increasing, renewing or extending the loan) after January 1, 2016, a lender must escrow all premiums and fees for flood insurance, subject to certain exceptions.

What is the national flood insurance program (NFIP)?

The National Flood Insurance Program, now 50 years old, compensated for coverage not available in the private market. Private insurers did not have reliable ways of measuring flood risk but technological advances now allow insurers to underwrite risk more accurately and make sounder actuarial decisions.

What is the average cost of flood insurance?

In 2017 the average amount of flood coverage was $252,261, and the average premium was $707. The average flood claim in 2017, the year of Hurricanes Harvey, Irma and Maria, was $91,735, up from $62,247 in 2016. NFIP earned premiums rose 7.0 percent to $3.57 billion in 2017 from $3.33 billion in 2016.

Are there any flexibility in the flood insurance requirements?

There is no flexibility in the flood insurance requirements. If the determination shows the improvements are in a special flood hazard area, flood insurance is required. • The borrower can pursue a Letter of Map Amendment (LOMA) from FEMA. Until a LOMA is obtained, insurance is required.

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