Looking for some industry feedback regarding the insurable value for properties that require flood insurance. In researching this topic, we located these two older threads, but wanted to confirm that nothing has changed with regulator’s expectations.

Question is, has anyone, in discussions with their regulator, been instructed to update the insurable values on the properties located in a SFHA on a routine basis? For example, are you updating the insurable value upon policy renewals or some other routine schedule (e.g. at least every 3 years) outside of a MIRE event? If so, are you doing so for safety and soundness consideration and/or per the expectation from your FDPA regulator?


https://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1991223

https://www.bankersonline.com/forum...5866/Determining_flood_insurance_co.html

I have never heard of updating insurable values without a MIRE occurring.