Flood Insurance Amount

Posted By: HR Banker

Flood Insurance Amount - 05/04/22 03:45 PM

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?
Posted By: rlcarey

Re: Flood Insurance Amount - 05/04/22 03:46 PM

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.