July 2015 Flood Final Rule – What is the detached structure exemption?

Compliance > Lending > Flood > 2015 Flood Final Rule - Detached Exemption
Q:  The July 2015 Flood Final Rule contains an exemption from the flood insurance purchase requirements for certain detached structures.  What is that exemption?
A:  The Homeowner Flood Insurance Affordability Act amended the Flood Disaster Protection Act to include this exemption from the mandatory flood insurance purchase requirements.  The exemption can apply for a structure that is part of a residential property, but is detached from the primary residential structure.  The exemption can apply if the detached structure does not serve as a residence. 

This can be found in July 2015 Final Rule on Loans in Areas Having Special Flood Hazards, which can be found at:  https://www.federalregister.gov/articles/2015/07/21/2015-15956/loans-in-areas-having-special-flood-hazards

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