Thread Options
#1228519 - 08/06/09 06:33 PM Question - maximum flood coverage amount?
AuditorK Offline
Platinum Poster
Joined: Feb 2003
Posts: 962
PA
I need help determining the maximum amount of flood insurance available when multiple buildings on one property are involved.

Heres the scenario:

Loan will be secured by 5 acre property that includes a primary residence (1-4 family home), a cabin, and another building that was a hotel in the 1700's - as described in the appraisal. I'm not sure if the cabin or hotel are even inhabitable (not sure if there is electricity, running water, etc.) or what they will be used for. Is the maximum amount of flood coverage based on an individual building basis or on an entire property basis? The appraisal lists the RCV at $275,000.

Return to Top
Lending Compliance
#1228575 - 08/06/09 06:59 PM Re: Question - maximum flood coverage amount? AuditorK
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,597
Galveston, TX
Maximum amount available:

Primary residence $250,000
Cabin $250,000
Hotel $500,000

Total $1MM
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z