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2 If a flood insurance policy has been issued under the NFIP covering the building on the aforementioned property and that policy was required by the mortgage company in conjunction with Federal flood insurance requirements, then flood insurance coverage is no longer required under those Federal requirements. Accordingly, if a lender imposed the flood insurance requirement, that lender will have to determine whether or not to continue that requirement. The lender may determine, as a business decision, that it wishes to continue the flood insurance requirement in order to protect its collateral security on the loan. If the lender decides to release the borrower from the flood insurance requirement, and the insured decides to cancel the policy and seek a refund, then the NFIP will refund the premium paid for the current policy year, providing that no claim is pending or has been paid on the policy during the current policy year. The insured must obtain a written waiver of the flood insurance requirement from the lender to provide to their property insurance agent or company that is servicing their policy. The agent or company will then process the refund request for the insured. Even though the residential structure is not located in an SFHA, as mentioned above, it could be flooded by a flooding event of greater magnitude than a 1� annual chance flood. In fact, more than twenty-five percent of all losses in the NFIP occur to buildings located outside the SFHA in Zone B, C, or X. More than one fourth of all policies purchased under the NFIP protect buildings located in these zones. That risk is just not as great as the flood risk to buildings located in SFHAs. In order to offer flood insurance protection to owners of such buildings, the NFIP offers two types of flood insurance policies: the Standard Policy and a policy for flood insurance at low rates. The low-rate policy is available for buildings located outside the SFHA with little or no loss history. The Standard Policy is available for all other buildings. Individual flood risk situations and insurance needs should be discussed with an insurance agent or company before making a final decision regarding flood insurance coverage. A copy of this Letter of Map Amendment is being sent to your community's af_ficial NFIP �!ag rep�s�tory where, ir. sccordance ti*ith regu].ations adopt�d �y the community when it made application to join the NFIP, it will be attached to the community's official record copy of the NFIP map which is available for public inspection. This response to your request is based on minimum criteria established by the NFIP. State and community officials, based on knowledge of local conditions and in the interest of safety, may set higher standards for construction in the �loodplain. If the State of Minnesota or the City of Orono has adopted more restrictive and comprehensive floodplain management criteria, these criteria take precedence over the minimum Federal criteria.