what does documentation for hazard mean for a house
If your home is located in a Special Flood Hazard Area, you must purchase adequate flood insurance. The determination that your home is in a Special Flood Hazard Area may be made at the time of loan origination or at any time during the term of your loan. 1.ARTIII-GENERAL 1. Unless a higher maximum amount is required by law, the maximum dwelling deductible for homeowners/fire insurance and flood insurance may not exceed the higher of $1,000 or 1% of the face amount of the dwelling coverage.