{"id":1918,"date":"2019-11-22T16:29:54","date_gmt":"2019-11-22T16:29:54","guid":{"rendered":"https:\/\/albanknews.com\/?p=1918"},"modified":"2019-11-22T16:29:54","modified_gmt":"2019-11-22T16:29:54","slug":"compliance-qa-is-a-floor-required-for-flood-coverage","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1918","title":{"rendered":"Compliance Q&A: Is a Floor Required for Flood Coverage?"},"content":{"rendered":"

Question:<\/strong><\/p>\n

So\u00a0I am aware of the two walls and a roof requirement in the flood regulations, but what if the building is on a dirt floor but secured to the ground with concreted post? Because there is no floor, does that negate the requirement for flood coverage?<\/p>\n

Answer:<\/strong><\/p>\n

Unfortunately, a floor is not a requirement for it to be considered a building requiring flood coverage. Assuming the other conditions of the definition have otherwise been met, flood insurance would still be required in this case.<\/p>\n

Building.<\/em>
\nA structure with 2 or more outside rigid walls and a fully secured roof, that is affixed to a permanent\u00a0site;…<\/em><\/p>\n

https:\/\/www.fema.gov\/national-flood-insurance-program\/definitions<\/a><\/p>\n

Compliance rules and regulations change quickly! For timely compliance updates, subscribe to Compliance Alliance\u2019s email newsletters<\/a>.<\/u>\u00a0Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com<\/a>.<\/strong><\/p>\n

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