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#1440626 - 09/09/10 02:05 PM Flood for multiple structures
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
Here is the situation: One parcel of land in flood zone with 9 cottages on it. summer rentals. Can the flood insurance be allocated across the structures? Or must each be individually. It seems that I read that allocation is acceptable. Thanks for the assistance.

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Lending Compliance
#1440672 - 09/09/10 02:56 PM Re: Flood for multiple structures komply
Tom Easterday Offline
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Joined: Oct 2000
Posts: 140
Orange County, CA
Assuming the rules are the same for commercial properties as they are for residential, only one building may be insured under one NFIP policy - page 38 Mandatory Purchase guidelines.
Last edited by Tom Easterday; 09/09/10 02:57 PM.
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Tom Easterday, CRCM Opinions stated are my own and not necessarily those of my employer!

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#1440707 - 09/09/10 03:19 PM Re: Flood for multiple structures Tom Easterday
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
Understand, but the amount over coverage, can it be allocated evenly among the properties?
Last edited by komply; 09/09/10 03:29 PM.
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#1440718 - 09/09/10 03:27 PM Re: Flood for multiple structures komply
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
Yes as long as the total coverage meets the minimum requirements.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1440721 - 09/09/10 03:30 PM Re: Flood for multiple structures Dan Persfull
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
Thanks Dan that is what I thought

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