There is an Amish community within our market area, and earlier this year, we had an Amish couple apply for a mortgage. Their property has been re-zoned and is now listed as a Flood Zone A property. We have a signed Amish Aid Society form that says it will pay to replace in the event of fire, storm and flood damage. It doesn't look like the conventional insurance form but does have their names, date, address of the property along with the description of what is covered and the amounts. It is signed and there is an address to contact. From what I see, there is more than enough to cover our collateral in the event of loss. My question is: Would FEMA consider this private insurance? It does not have the 6 FEMA criteria. Thanks.

Unless there has been an updated opinion that I missed you must still require a flood insurance policy. There are no exceptions for the Amish self-insurance.

We have a number of Amish customers and accept the Amish Aid Society "coverage" for hazard insurance but if they are in a flood zone, we require a separate flood insurance policy.

My bank has many Amish borrowers as well and while we accept Amish Aid Society for hazard insurance coverage, we require flood insurance policies for properties located in a SFHA. Some are very reluctant but none have ever refused.