You've been asking for one, so here it is.


Notice to Borrower of Special Flood Hazard Area
Flood Insurance Coverage No Longer Required by Lender


Dear:

We have been informed by Flood Determination Vendor that due to recent changes in the Flood Zone maps that the improved real estate or mobile home described in the attached instrument has been determined to no longer be located in an area designated by the Director of the Federal Emergency Management Agency (FEMA) as a special flood hazard area.

Due to this notification The Peoples State Bank at this time will no longer require you to maintain flood insurance coverage on the subject property. However you should be advised should the property be remapped in an area designated by the Director of the Federal Emergency Management Agency (FEMA) as a special flood hazard area you will at that time be required to maintain flood insurance coverage on the property.

When a property is located in a special flood hazard area it has a 25% chance of being damaged by a flood over a thirty year period. For the same period the property only has a 1% chance of being damaged by fire. For the protection of your property you may wish to discuss with your insurance agent the possibility of maintaining flood insurance coverage.

The attached form provides specific information regarding your particular flood zone determination and may be required by your insurance agent. Please contact me if I can be of any assistance regarding this notice.


Sincerely,




The Peoples State Bank




Information Regarding Flood Insurance

Name of Borrower(s):
Property Address:


FEMA Map Community Number
Panel Number
Map Date
Flood Zone
Regular Program Yes ____ No ____
Emergency Program Yes ___ No ____
Amount of Flood Insurance Required :_____________________

NOTICE TO BORROWER ABOUT FEDERAL DISASTER RELIEF ASSISTANCE

XX Participating Communities: The improved real estate or mobile home securing your loan is or will be located in a community that is participating in the National Flood Insurance Program. If such property is damaged by flooding in a federally declared disaster, federal disaster relief assistance may be available. However, such assistance will be unavailable if the community has been identified for at least one year as a flood hazard area and is not participating in the National Flood Insurance Program at the time the assistance would be approved. This assistance, usually in the form of a low interest rate loan, may be available for damages incurred in excess of your flood insurance.

______ Non-participating Communities: The improved real estate or mobile home securing your loan is or will be located in a community that is not participating in the National Flood Insurance Program. This means that such property is not eligible for federal flood insurance. In the event the property is damaged by flooding in a federally declared disaster, federal disaster relief assistance will be unavailable if the community has been identified for at least one year as a flood hazard area. Such assistance may be available only if, at the time the assistance would be approved, the community is participating in the National Flood Insurance Program or has been identified as a flood hazard area for less than one year.

I/We realize that the property securing this loan is located in a flood hazard area and acknowledge the receipt of a copy of the above notices before closing.



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Borrower’s signature & Date Borrower’s signature & Date