§ 614.4932 - Exemptions.  


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  • § 614.4932 Exemptions.

    The flood insurance requirement prescribed by § 614.4930 does not apply with respect to:

    (a) Any State-owned property covered under a policy of self-insurance satisfactory to the Administrator of FEMA, who publishes and periodically revises the list of States falling within this exemption;

    (b) Property securing any loan with an original principal balance of $5,000 or less and a repayment term of one year or less; or

    (c) Any structure that is a part of any residential property but is detached from the primary residential structure of such property and does not serve as a residence. For purposes of this paragraph (c):

    (1) “A structure that is a part of a residential property” is a structure used primarily for personal, family, or household purposes, and not used primarily for agricultural, commercial, industrial, or other business purposes;

    (2) A structure is “detached” from the primary residential structure if it is not joined by any structural connection to that structure; and

    (3) “Serve as a residence” shall be based upon the good faith determination of the System institution that the structure is intended for use or actually used as a residence, which generally includes sleeping, bathroom, or kitchen facilities.