Biggert Waters says deductibles are based on year of contruction (up to 12/31/1974 or after 1974) and then dollar amount. So for a building contructed after 1974 and over 100,000 the minimum is $1250.00
(1) If the loan was done before 7/6/2012, can the increased deductible be obtained when the policy renews, with a notification letter? Or must we force place?
(2) If loan was done after 7/6/12, and we only required a $500 deductible, what should be done? If we forced place, and considring it was our error in light of being compliant with B iggert, we would have to pay until they get a new updated policy?
(3) Are there maximum deducitbles or is this still up to the bank?