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#2005744 - 04/01/15 11:28 PM $ of coverage-residence or multi-family
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
We have a $800,000 loan against an apartment building located in a flood zone.. simple enough - ins. coverage s/b $500,000. However, the wrinkle is the building owners also live in the building in one of the apartments as their primary residence...So does this mean, coverage should only be $250,000? Our loan dept. is saying based on what they were told $250,000 is correct and I do not agree. Am I mistaken, if yes where can I find support?

Help is greatly appreciated- thank you!

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Flood Compliance
#2005748 - 04/02/15 01:27 AM Re: $ of coverage-residence or multi-family Chocaholic
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 80,336
Galveston, TX
Occupancy has no impact on the type of building that it is.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2005754 - 04/02/15 05:07 AM Re: $ of coverage-residence or multi-family rlcarey
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
Thank you!

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