We have a Builder's Risk Insurance Policy that includes flood coverage on two residential buildings being constructed. Is this kind of policy suffice for flood insurance requirements? At what point must we have the borrower obtain individual flood policies on the buildings? Once the foundation is started? Or would the Builder's Risk Insurance Policy cover us for the entire length of the construction loan?

I have never seen a builder's risk insurance policy that was sufficient enough to qualify as a comparison to an NFIP policy.