No the purpose of the evaluation has nothing to do with reducing the amount of flood insurance. The loan amount is less than the value of the property.
I guess I don't understand your question. If the evaluation didn't reduce the amount of flood insurance, what was the purpose of reducing the value of the home with the valuation? Or, what was the purpose of the valuation in the first place? I just want to make sure we answer your question, but I'm not seeing how it ties to flood insurance at the moment.
Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.www.compliancecohort.com