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#2236766 - 05/15/20 07:00 PM Flood insurance requirement on Duplex
Anonymous
Unregistered

Hello - I can't locate anything in the flood requirements about how to treat a duplex. We have a non owner occupied duplex loan - is each unit insurance requirement $250K per unit ($500K total flood insurance) or $250K for the entire property?

Thank you

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#2236768 - 05/15/20 07:28 PM Re: Flood insurance requirement on Duplex Anonymous
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
A duplex is a 1-4 family residence [one building]. Since it's non-OO, it will be based on ACV and not RCV.
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#2236775 - 05/15/20 08:32 PM Re: Flood insurance requirement on Duplex Anonymous
Jerod Moyer Offline
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Jerod Moyer
Joined: Oct 2005
Posts: 667
Sioux Falls, SD
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Jerod Moyer
www.bankerscompliance.com

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