1.) How do land values affect flood insurance requirements?

2.) What's a LOMA and how do I apply for one?

3.) What is flood mitigation?

4.) Community Status Books by FEMA.

5.) FDIC site regarding financial institutions' responsibilities under federal flood insurance legislation.

How do land values and personal property affect flood insurance requirements?
Vacant land does not qualify for flood insurance. If the amount of the loan exceeds the value of the improvements, the lender should determine the amount of coverage needed based on the value of the buildings. When the lender does not take into account separate valuations of the land and the insurable improvements, the property owner may be paying for coverage that exceeds the amount the NFIP will pay in the event of a flood loss. Lenders should follow the same general business practice in calculating the flood insurance on a building as they do in placing hazard coverage.

There are times when a mortgage is made on property where the value of the land is more than sufficient to secure the loan without regard to the value of the improvements. This often happens with waterfront property. If the improvements on such a property are in a flood hazard area, the lender does not have the option of not requiring flood insurance. Even though the value of the land is more than adequate security for the amount of the loan, the property owner must obtain flood insurance.

If a loan is secured by personal property as well as a building that is located in a flood hazard area the borrower must get flood insurance on both the building and the personal property. Typically this most often occurs in commercial properties. However, flood insurance is not required for a loan financing personal property if the building is not being used to secure the loan.

What is flood mitigation?
Under the law, grants are authorized for developing local hazard mitigation plans to reduce future flood damages. They also are available to states and communities for undertaking mitigation projects, such as elevating buildings or relocating them out of a floodplain before a flood. If a property has gone through flood mitigation it is still in a Special Flood Hazard Area but it will be eligible for reduced flood insurance rates.

The NFIP, administered by the Federal Insurance Administration (FIA), a part of FEMA, makes federally backed flood insurance available in communities that adopt and enforce floodplain management ordinances to reduce future flood losses.