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My home is no longer in a Special Flood Hazard Area (SFHA) due to a change in the flood maps. Will I be required to maintain flood insurance?

It depends.

The lender is no longer obligated to require mandatory flood insurance under the federal flood insurance laws. However, if permitted by the contract, the lender may continue to require flood insurance coverage to ensure that its collateral continues to be protected in case of flooding.

You may wish to consider converting the existing National Flood Insurance Program (NFIP) flood policy to a lower-cost NFIP Preferred Risk Policy (PRP) that insures property in areas with low to moderate flood risk, but not in SFHAs.

Last Reviewed: October 2020

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.

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