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ot��r,yE J °� Federal Emergency Management Agency �'y�, J♦� WH;�hington, D.C. 1U+1?`L l,�Np S�G ADDITIONAL INFORMATION REGARDING LETTERS OF MAP AMENDMENT When making determinations on requests for Letters of Map Amendment (LOMAs)� the Deps�tment of Homeland Security's Federal Emergency Management Agency (FEMA) bases its deteRnination on the tlood hazard infonnation available at the time of the determination. Requesters should be awan that tlood conditions may change or new information may be generated that would supersede FEMA's �ietermination. In such cases, the community will be informed by letter. Requesters also should be aware that removal of a property (parcel of land or structure) from the Specia) Flood Hazard Ares(SFHA) means FEMA has detetmined the property is not subject to inundation by the tlood having a 1-percent chance of being equaled or exceeded in any given year (base tlood). This does not mean the property is not subject to other flood haiards. The property could be inundated by a flood with a magnitude gnater than the base flood o� by localized flooding not shown on the effective National Flood Insurance Program(NFIP)map. The effect of a LOMA is it removes the Federal rcquirement for the lender to requirc flood insurance coverage for the property described. The LOMA is not a waiver of the condition rhat the property owner maintain flood insurance coverage for the property. Unly the lender can waive the flood insurance purchase requirement because the lender imposed the requircment. The property vwner mwt req�st and receive v written waiver from the lender before canceling the policy.The lender may determine,on its own as a business decision, that it wishes to continue the tlood insurance requirement to proteet its financial risk on the loan. The LOMA provides FEMA's comment on the mandatory flood insurance rcquirements of the NFIP as they apply to a particular property. A LOMA is not a building permit, nor should it be construed as such. Any development,new construction,or substantial impmvement of a property impacted by a LOMA must comply with all applicable State and local c�iteria and other Fedecal criteris. (f a lender releases a property owner from the flood insurance rcquiremen�and the property owner decides to cancel the policy and seek a refund,the NFIP will refund the premium paid for the current policy year, provided that no claim is pending or has been paid on the policy during the currcnt policy year. The � property owner must provide a written waiver of the insurance requirement frorn the lender to the property insurance agent or company servicing his or her policy. The agent or company will then process the refund requesL Even though structures are not located in an SFHA, as mentioned above, they could be flaoded by a flooding event with a greater magnitude than the base flood. In fact, more than 25 perceM of all claims paid by the NFIP are for policies for structures located outside the SFHA in Zones B, C, X(shaded), or X (unshaded). Morc than one-fourth of all policies purchased under the NFiP protect structur+es located in these zones. The risk to structiues located outside SFHAs is just not as great as the risk to structures located in SFHAs. Finally, approximately 90 peccent of all federally declared disasters are caused by flooding,and homeowners insurance dces not provide financial pmtection from this tlooding. Therefore, FEMA encourages the widest possible coverage under the NFIP. LOMAENC-1