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Flood Insurance Coverage on Townhouses
Answer by Dan Persfull, BOL Guru
Guru Bios
Question: This question is regarding flood insurance for a commercial loan. The collateral for this loan is located in a flood zone and consists of 7 residential buildings containing 44 townhouse rental units which are not considered condominiums. Is the flood insurance coverage per building with a maximum coverage of $250,000?
Answer: If these townhouses are are not individually titled then they are multifamily units and the maximum flood insurance available is $250,000 per building.
First published on BankersOnline.com 3/31/08
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