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#2270023 - 05/04/22 03:45 PM Flood Insurance Amount
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
A loan has 3 properties as collateral. Only 1 property is in the flood plain. Does the flood insurance amount only have to cover the value of that 1 property or does the loan balance have to be covered?

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Flood Compliance
#2270024 - 05/04/22 03:46 PM Re: Flood Insurance Amount HR Banker
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,633
Galveston, TX
Same rule applies. The lesser of the insurable value of the buildings in the SFHA, the loan amount or the maximum insurance available for the buildings in a SFHA.
The opinions expressed here should not be construed to be those of my employer:

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