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 requirement 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, located in an SFHA for which flood insurance is available under the Flood Disaster Protection Act (FDPA or Act).