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#2199061 - 11/26/18 09:24 PM Coverage Amount
TMatt87 Online
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TMatt87
Joined: May 2011
Posts: 1,984
Idaho
We have a flood loan, and have determined our minimum coverage amount required is $116,456. The flood insurance policy has dwelling coverage of $116,000 and appurtenant structure coverage of $16,000. The property does have a residence with two personal use out buildings. I'm pretty sure we can't combine the coverage amounts and will have to require the borrower increase coverage. Am I correct?
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Flood Compliance
#2199343 - 11/29/18 01:24 PM Re: Coverage Amount TMatt87
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
They have $132,000 in coverage so I am not sure what the issue might be. The exception for coverage on personal use outbuildings means you don't have to require separate coverage, but if they have it, you can count it in the total.
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