Does the flood zone on the Flood Cert match the zone on the Declarations page or signed Application?
| YES
|
Is the buidling coverage equal to the outstanding loan balance?
| NO
|
Is the building coverage equal to the overall value of the property minus the value of the land (commonly referred to as "Replacement Cost"?
| NO
|
Is the building coverage equal to at least $250,000?
|
| |
Does the Declarations page or signed Application indicate the zoning is “Grandfathered”?
| NO
|
Condition the file to update the flood insurance to match the Flood Cert or indicate Grandfathering.
|
|
The Flood Insurance coverage is adequate to proceed.
|
|
Condition the file to update the flood insurance to provide building coverage that is equal to the lesser of :
1. The outstanding loan balance,
2. The replacement cost or,
3. The max of $250,000
|
| |