#1892985 - 02/03/1405:46 PMRe: Is flood insurance required? Anonymous
Tater
Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
Isn't the test a walled and roofed structure? Just thinking out loud, but don't think a fence qualifies as an improvement that could even BE insured under NFIP?
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#1893005 - 02/03/1406:43 PMRe: Is flood insurance required? Anonymous
Anonymous
Unregistered
Where can i find requirements and definitions? From what i read it says improved real property, so what is considered improved real property?
If improved real property securing a loan is located in a SFHA and flood insurance is available, then the lender must require the borrower to obtain the proper amount of flood insurance before closing the loan.
(c) Building means a walled and roofed structure, other than a gas or liquid storage tank, that is principally above ground and affixed to a permanent site, and a walled and roofed structure while in the course of construction, alteration, or repair.
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#1893024 - 02/03/1407:05 PMRe: Is flood insurance required? Anonymous
Rocky P
Power Poster
Joined: Jun 2003
Posts: 7,656
Florida
Just as an additional comment - the fence is not walled and roofed, so no flood. However, if the building, even an inch in one corner of the structure was in the SFHA, then insurance would be required on the entire house.
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Just as an additional comment - the fence is not walled and roofed, so no flood. However, if the building, even an inch in one corner of the structure was in the SFHA, then insurance would be required on the entire house.
Agree.
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This piggybacks off a question I saw in the Flood Compliance Forum...curiosity question(s)...if the structure is a shed, or storage building...NOT attached to a residential building...does that matter with regard to the requirement for flood insurance...and would it matter whether or not any value is ascribed to the shed/storage building structure for purposes of LTV? That is, say the appraiser gave $10,000 value, but the financial institution excluded that value in deriving its LTV, would that be relevant at all? Or what if the appraiser noted the existence of a structure but assigned no value to it in determining the appraised value? Since I do not usually deal with this, perhaps I am not as up to speed on this as I should be. Thank you for your input.
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