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#1786363 - 02/14/13 08:47 PM Three structures on one property
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
We have a property in which a commercial appraisal was done. THere are three structures on the property, a hunting type shack, a large barn and a house. The commercial appraisal lumped all three in a value and the customer purchased insurance on the whole amount. Is that kosher or do I need three separate policies on the three separate properties? We are unsure as to how to separate the values of the three structures.
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Flood Compliance
#1786491 - 02/15/13 03:37 AM Re: Three structures on one property Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
If this is a NFIP policy, it only covers one buidling. If you don;t have an appraisal that separates them, then look to other hazard insurance or get the insurance agent to help you.
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#1786912 - 02/15/13 08:47 PM Re: Three structures on one property Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
What if the appraisal assigns the outbuildings as no value.
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#1787004 - 02/16/13 02:03 PM Re: Three structures on one property Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
Refer to Question #9 in the interagency flood guidance.

http://www.bankersonline.com/tools/flood_faq_2011_10_17.pdf
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#1787641 - 02/20/13 05:26 PM Re: Three structures on one property Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Thank you for the link! Very helpful
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