See Requirements for One- to Four-Unit Properties above for the required amount of coverage. The lender and servicer must verify that each attached or detached individual PUD unit maintains a Dwelling Form policy or equivalent private flood insurance policy on the subject property. the maximum coverage available from NFIP.The master flood insurance policy maintained by the co-op corporation must cover the subject unit's The lender and servicer must verify that the co-op corporation maintains a General Property Form policy or equivalent private flood insurance coverage for a co-op building that is located within an SFHA. the maximum coverage amount available from NFIP.100% of the replacement cost value of all contents owned in common by the association members, or.The contents coverage must equal the lesser of A private flood insurance policy, or a private flood insurance policy in conjunction with a General Property Form policy (or equivalent coverage) must be maintained by the HOA to equate to coverage requirements for projects eligible for an RCBAP. (2)If the commercial space of an attached condo is over 25%, coverage provided by the General Property Form (or equivalent coverage) is insufficient.
(1)If the master flood insurance policy meets the minimum coverage requirement of 80% of the replacement cost value, but the per unit coverage amount does not meet the requirement for loans secured by one- to four-unit properties, as described above, the unit owner must maintain a supplemental policy for the difference. State departments of insurance have taken various actions over the years to establish training requirements for insurance agents who sell and service flood insurance under the National Flood Insurance Program (NFIP), as outlined in Section 207 of the Flood Insurance Reform Act of 2004 (Public Law 108-264). the maximum coverage amount available from NFIP per unit(2).80% of the replacement cost value(1), or.The coverage amount for the building must be at least equal to the lesser of all of the common elements and property, including machinery and equipment that are part of the building.The master flood insurance policy maintained by the HOA must cover the subject unit's units in a two- to four-unit project, and.Fannie Mae does not require evidence of a master flood insurance policy, provided the unit owner maintains an individual flood dwelling policy that meets the coverage requirements of this Guide for the following loans or project types: The only building that must be verified is the subject unit's building. The National Flood Insurance Act, several reforms, and a host of regulations guide administration of the National Flood Insurance Program.This legislation applies to property located in special flood hazard areas. The lender and servicer must verify that the HOA maintains a Residential Condominium Building Associated Policy (RCBAP) or equivalent private flood insurance coverage for a condo building consisting of attached units located within an SFHA.
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