Mandatory Purchase of Flood Insurance 2007 Edition of FEMA Booklet

Summary:

The Federal Emergency Management Agency (FEMA) has released an updated electronic edition of its booklet Mandatory Purchase of Flood Insurance Guidelines.

Highlights:

• The 2007 edition of FEMA's flood insurance booklet has been released and can be downloaded at http://www.fema.gov/library/viewRecord.do?id=2954. A print version of the booklet can be ordered by calling 1-800-480-2520.
• This booklet clarifies some of the complex issues that have arisen since the 1999 edition. It also highlights certain program changes, including:
  • Processing of Letters of Map Change.
  • Options for purchasing coverage for buildings under construction.
  • Coverage under Residential Condominium Building Association Policies (RCBAP).
  • A new requirement to list the Replacement Cost Value on the declarations page of each RCBAP.
  • Updated Mortgage Portfolio Protection Program information.

Distribution: 

FDIC-Supervised Banks (Commercial and 
Savings)

Suggested Routing: 

Chief Executive Officer 
Compliance Officer 
Loan Officers 
Auditors

Note: 

FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2007/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).