![]() 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. 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 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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