Our customer is a residential unit owner in a other residential building. The building has $500k in flood coverage, 16 units and replacement cost per the flood insurance policy is $2,184,652. When the loan closed requested our customer to get additional coverage for the unit.
Our customer has recently experienced damage and was told by their adjuster and agent that the individual policy was not needed. I advised Lending personnel that we would need a copy of the master policy to determine if any type of interior damage would be covered. Is it possible for a master policy to cover interior unit damage? Is it possible that the individual policy is not needed?