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