Answers about Flood Insurance
My condominium is on the 5th floor of a multi-story building located in a Special Flood Hazard Area (SFHA). Is my loan subject to the regulatory requirements for flood insurance?
Yes. The mandatory flood insurance purchase requirements apply to loans secured by individual residential condominium units. This includes those units located in multi-story condominium complexes that are located in an SFHA in which flood insurance is available under the National Flood Insurance Act (Act).