Flood Insurance – Continuing Issues and Headaches

Date Recorded: July 9, 2024
Presented by: Kylee Durbin, CRCM, Manager, Forvis Mazars, LLP

A two-hour webinar that takes a deeper dive into the numerous complexities and difficulties of the flood insurance rules.

The flood insurance rules be confusing and vague, causing institutions to be faced with questions that have no clear or easy answers. Also, institution requirements sometimes conflict with what an insurance company/agent is willing to do. With the threat of civil money penalties (which the agencies are not shy to impose) always hanging above your heads, it is critical for you to not only understand the basic requirements, but also the difficult ones.

The revised Interagency Questions and Answers are helpful but can cause more questions themselves!

This two-hour webinar will do provide a study of the areas that perhaps are a little more complicated or give you the most trouble.  We’ll also focus on the Questions and Answers, highlighting issues that are clarified while also discussing potential issues that may result. Finally, we’ll speak to how the Flood Insurance Manual can be assist a creditor in understanding the National Flood Insurance Program and, therefore, some of your obligations.

HERE IS WHAT YOU WILL LEARN:

• Definition of building; Eligibility
• The significance of capitalizing premiums
• The “newer” rules: private flood insurance, escrow
• Construction loans – eligibility; when to require evidence; escrow
• Determinations – relying on previous determination; renewals; multiple buildings
• Timing of notice
• The importance of a LODR/LOMA/LOMR
• Calculation of required insurance
  • What is insurable value?
  • Multiple buildings; Contents coverage
  • HELOCs; Subordinate liens
  • Residential Condominium Assoc Policies (determining sufficiency)
• Requiring supplemental flood insurance
• Low value buildings
• Evidence of insurance; Resolving deficiencies
• Cancellations/Renewals
• Force-placement/Problem with Blanket Coverage