When Is Flood Insurance Required
Federal Reserve Bureau (FRB)
The government requires that a covered lender obtain flood insurance whenever it makes a loan secured by a building or an insurable mobile home and the building or mobile home is located in a standard flood hazard area as designated by FEMA. A building is a walled and roofed structure, other than a gas or liquid storage tank, that is principally above ground and aﬃxed to a permanent site. A mobile home is a structure transportable in one or more sections that is put on a permanent chassis and designed for use with or without a permanent foundation when attached to utilities.
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