Property OwnershipEASY
Under federal flood insurance requirements, properties in Special Flood Hazard Areas with federally backed mortgages must:
Correct Answer
B) Have flood insurance
The National Flood Insurance Act requires that properties located in Special Flood Hazard Areas (zones A and V) with federally backed mortgages must have flood insurance. Lenders must escrow flood insurance premiums and force-place coverage if the borrower fails to maintain it.
Answer Options
A
Be elevated above flood levelB
Have flood insuranceC
Have a basementD
Be waterproofedVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
federal-real-estate-regulationsproperty-insurance-requirements
Key Terms:
National Flood Insurance ProgramSpecial Flood Hazard AreaNFIPmandatory purchase requirementfederally backed mortgage
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