When and how can property owners in the former 100 Year Floodplain quit paying flood insurance?
If a mortgage lender (or any lienholder) imposed a flood insurance requirement as a condition of a loan, it is up to that lender/lienholder to then decide whether to waive their requirement. (Note, flood insurance is not a FEMA requirement; it is a federally banking regulation in the high-hazard flood risk zone on FEMA’s Flood Insurance Rate Map.) In most instances, a federally-regulated lender who imposed the mandatory flood insurance requirement because the real property (the building )securing the loan was “in” the high-risk Special Flood Hazard Area, will oblige the borrower and most likely waive the flood insurance requirement once the lender becomes aware that the flood hazard zone has changed. Most lenders rely on third party “flood certification” vendors to make the flood zone determination, and the entire loan portfolios of the many lenders in Stevens Point can take months to review. Property owners whose lender required them to purchase flood insurance in the area affected by the map revision should contact their mortgage lender as soon as possible and request the lender review the revised flood hazard map and if the lender agrees the risk zone has changed, and the mortgage lender agrees to waive the flood insurance requirement, the property owner’s insurance agent should obtain a written waiver letter from the lender and then request the flood insurance policy be canceled and a premium refund processed. Bear in mind that just because the flood risk zone has changed that does not mean the risk of flooding is eliminated; it means it is lessened. Inexpensive flood insurance is still available outside the high-risk flood hazard area and water does not have to stop when it reaches a line on a map, so we strongly urge property owners to maintain what we call “Peace Of Mind” flood insurance. FEMA’s inexpensive Preferred Risk Policy is available in the low-to-moderate flood risk zones (B, C and X).See Preferred Risk Policy Information

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1. Have properties along the east side of the Wisconsin River been removed from the 100 year floodplain?
2. When and how can property owners in the former 100 Year Floodplain quit paying flood insurance?
3. Will property owners in the former 100 Year floodplain receive a notice from FEMA?
4. What is the Flood Zone for Stevens Point?
5. What is a "flood zone determination" as it relates to a mortgage?
6. How do lenders find flood zone determination companies?
7. If a property owner disagrees with the lender's determination that the property is in a floodplain, what can be done?
8. How do the LOMA or LOMR-F process and the LODR processes work?
9. Are local officials liable for making flood zone determinations?