Get . Standard Flood Hazard Determination Form

1. Dwelling Form. The policy form used to insure a building designed for use as a residence for no more than 4 families or a single-family unit in a residential building under a condominium form of ownership.

The SFHDF is used by Federally regulated lending institutions when making, increasing, extending, renewing or purchasing a loan for the purpose of determining whether flood insurance is required and available.

SUMMARY OF KEY FLOOD INSURANCE REQUIREMENTS The credit union or a servicer acting on its behalf must document the determination using the Standard Flood Hazard Determination Form provided by the Federal Emergency Management Agency. This form must be retained for the life of the loan. §226.4(c)(7)).

STANDARD FLOOD HAZARD DETERMINATION FORM (SFHDF)

The SFHDF is used by Federally regulated lending institutions when making, increasing, extending, renewing or purchasing a loan for the purpose of determining whether flood insurance is required and available.

The SFIP is not a valued policy, which pays the total policy limit in the event of a total loss. The NFIP offers coverage under three types of forms: the Dwelling Form, the General Property form, and the Residential Condomninium Building Association Policy form.

The Standard Flood Hazard Determination Form is required for all federally backed loans and is used by lenders to determine the flood risk for their building loans. The form is authorized by the National Flood Insurance Reform Act of 1994 and is imposed on lenders by their regulatory entities, not by FEMA.

The Federal Emergency Management Agency (FEMA) has released a revised Standard Flood Hazard Determination Form, FEMA Form 81-93, OCT 02, which replaces FEMA Form 81-93, OCT 98. The form is used for determining whether real property offered as collateral on a loan is located in a special flood hazard area.