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} ' . � . , , \�£p.�er��, ;�� T Federal Emergency 1tiIanagement �-�Qenc �'�i :x �V:�:�liin = •� . b y ��o �c�.� �,t�n. D.C. .,tl•1?� �►DDITIOIYAL tIYFORN[ATIOIY REGARD[NG LETTERS OF 1�[Ap �,�IEND�[ENT �Vhen making determinations on requests for Letters uf�lap Amendment (LOtitAs), the Department ut Flumeland Security's Federal Emergency ��lanagement Agency (FEMA) bases its determination on the t1ouJ hazard information available at the time uf the Jeterntination. Requesters �hould be aware that tl�xxl ronditions may rhartge or new information ma be �etermination. [n such cases, the commun�ry w�l( be informed by letter� �hat would supersede FEMA's Requesters also should be aware that removal of a ro Flood Hazard Area(SFHA) means EEMA has determined h�Parcel of land or structure) from the Special tlood having a 1-percent chance of being equaled or exceeded i�n�an� �s not subject to inundation by the not mean the property is not subject to other tlood hazards. The ro ��ven year (base tlood). This doe9 with a magnitude greater than the base Flood or by localized flood ng not showndon�the et�ect�ive Natio�n�ad) Flood [nsurance Prograrn(IYFip)map. "The eFfect of a LOMA is it removes the Federal requirement for the lender to require Flood insura�ce coverage for the property described. The LOMA is nvt a waiver of the condition that the ro rnaintain tlood inswance coverage for the o P Perty owner purchase requirement because the lender im � �� y the lender can waive the tlood insurance �-eceive a tivritten tivuiver from the lender befo eScaRceltng the policy. he e der may d term nero uest and as a business decision, that it wishes to continue the tlood insurance requiremeni to protect its Fnanc al risk on the loan. The LONtA provides FEMA's comment on the mandatory flood insurance requirements of the NFIP as they apply to a particular property, A LOMA is not a buildin .�ny development,new construction, or substantial improvemeno f��t'ro°r should it be construed as such. �ump(y with all appticable State and local criteria and other Federal cnter�a� �mpacted by a LOMA must IFa lender releases a property owner from the flood insurance requirement,and the ro e to cancel the poticy and seek a refund, the NF[p will refund the premium aid for the current lic P P ny owner decides provided that no claim is pending or has been paid on the policy during the current olic � y year, property owner must provide a written waiver of the insurance requirement from the lender t the p�operty ! insurance agent or company servicing his or her policy. The agent or company wi11 then roces refund request. p s the Even though structures are not located in an SFHA, as mentioned above, tlooding event with a greater magnitude than the base tlood. [n fac more than 2could be tlooded by a paid by the NFIP are for policies for structures located outside the S HA in Zones B, C,cX (shaded),�or X (unshaded). N[ore than one-fourth of all policies pu r c h a s e d u n d e r t h e N F I p protect structures located in t h e s e z o n e s. ('he ris k to structures located outside SFHAs is just not as greai as the risk to structures located in SFHAs. F�nally, approximately 90 percent of all federally declared disasters are caused b tloodin,n, and homeowners insurance does not provide tinancial protection t�om this tlooding. Therefore FE1�IA encourages the widest possible coverage under the IYFIP. , LUMAENC-(