The LOMA Process for Flood Insurance?

Answer The Federal Emergency Management Agency, or FEMA, identifies "special flood hazard areas" that have at least a 1 percent chance of flooding in any given year. A letter of map amendment, or LOMA, ex... Read More »

Top Q&A For: The LOMA Process for Flood Insurance

Are lenders requiring flood insurance in flood zones?

On One Hand: Insurance is NecessaryAccording to the United States Department of the Treasury, banks have to require you to purchase flood insurance before giving you a mortgage if the property is o... Read More »

IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?

Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo o... Read More »

Do you need to have flood insurance in a flood zone?

Not if you don't have a mortgage.But if you have a standard mortgage, one of the conditions of that mortgage, is that you carry both hazard and flood insurance, if the property is located in a high... Read More »

How to Buy Flood Insurance?

Homeowners purchase insurance to protect their investment if disaster, such as a fire, tornado, or earthquake, were to strike. Basic homeowner's insurance does not protect from water damage or floo... Read More »