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Frequently Asked Questions

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Flood insurance

Provided below are the Interagency Questions and Answers on Flood Insurance. They were compiled by six agencies—Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration, and the Farm Credit Administration.

For ease of reference, the following terms are used throughout this document:

Act, which refers to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994 (codified at 42 U.S.C. 4001 et seq.)

Regulation, which refers to each agency’s current final rule.

Determining when certain loans are designated loans for which flood insurance is required

Determining the appropriate amount of flood insurance required under the act and regulation

Exemptions from the mandatory flood insurance requirements

Flood insurance requirements for construction loans

Flood insurance requirements for nonresidential buildings

Flood insurance requirements for residential condominiums

Flood insurance requirements for home equity loans, lines of credit, subordinate liens, and other se

Flood insurance requirements in the event of the sale or transfer of a designated loan and/or its se

Escrow requirements

Force placement of flood insurance

Private insurance policies

Required use of standard flood hazard determination form (SFHDF)

Flood determination fees

Flood zone discrepancies

Notice of special flood hazards and availability of federal disaster relief

Mandatory civil money penalties