Pre-Closing Flood Insurance Requirements

It's not uncommon to receive surprises, such as different flood insurance building requirements than expected, in the last weeks leading up to closing.

Flood Insurance and Due Diligence: What You Need to Know

If an ownership group claims only a certain number of buildings have flood insurance or the property is not in a flood zone, their situation is not guaranteed to be yours, as a flood zone may have changed, and the prior owner's lender hadn't realized the change.

The lender's third party requests a Flood Zone Determination Form during the final compliance process. This form verifies which buildings are in the SFHA or a 100-year flood zone, and whatever that document says will be set in stone until either the flood map is revised or a LOMA is provided showing that specific structures are now in the X-zone.

In this shrinking timeline, some options exist to remove the lender requirement for flood insurance before or shortly after closing, including an expedited LOMA, and it's important to talk to National Flood Experts about how to proceed.

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