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Loan and Mortgage Terms Glossary

Flood Insurance:

Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. The Federal Flood Disaster Protection Act of 1973 requires that federally-regulated lenders determine if real estate to be used to secure a loan is located in a Specially Flood Hazard Area (SFHA). If the property is located in a SFHA area, the borrower must obtain and maintain flood insurance on the property. Most insurance agents can assist in obtaining flood insurance.

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