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#1613417 - 10/06/11 06:35 PM Flood damaged building ins still required?
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
I have the following situation and I'm not sure how to proceed.

Borrowers were required to have flood insurance on a small building.

It had flood damage and is considered totaled by their agent.

They have received their damage check from their flood insurance policy.

The structure is standing….for now.

Do we need to still require flood insurance?

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Flood Compliance
#1613430 - 10/06/11 06:45 PM Re: Flood damaged building ins still required? ADN
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
As long as it meets the definition of a building it requires insurance if insurable.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1613453 - 10/06/11 07:09 PM Re: Flood damaged building ins still required? Dan Persfull
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
What would the insurable value be if the agent states it currently is worth $0 and the borrowers aren't sure if they are going to rebuild?

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#1613465 - 10/06/11 07:17 PM Re: Flood damaged building ins still required? ADN
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
http://edocket.access.gpo.gov/2009/pdf/E9-17129.pdf

Use total loss, demolished or demolition as your search term.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1613484 - 10/06/11 07:40 PM Re: Flood damaged building ins still required? Dan Persfull
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
Thank You!

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