Flood Insurance

This insurance covers losses in the event of partial or total damage caused by a flood. The federal government requires this policy if your home is financed and located in a flood zone, according to maps from the Federal Emergency Management Agency (FEMA).

Flood insurance only covers the property’s structure. This policy does not cover the content, such as furniture or other valuable items. If you want to insure your property’s content, please contact your insurance agent.

There are two times to determine if a property locates in a flood zone:

  1. During the origination of the mortgage loan, a zone determination is made to certify if the property is in a flood zone.
  2. During the years that the loan remains active:
    1. We receive periodic updates of Puerto Rico’s flood maps. If there are changes to the maps, Zone Determinations are requested. If the property is in an area that is now prone to flooding, we will send you a notice requiring that the property be insured against this risk.
    2. As the owner, co-signer, or successor, you can ask us for a Flood Zone Determination to establish whether the property is in a flood zone. You will have to pay the cost of the study.

If the property was not identified as being in a flood zone at the time when the loan originated and is later identified as such, it will require flood insurance; therefore, the regular mortgage payment will increase.

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