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We ordered a property search and the Flood determination states that the property is in a flood zone. (Zone AE) The search also states that the structure is NOT in flood zone (Zone X) per aerial survey. I have not seen this before. Do we need to do anything...
Started by dac on
, 2 posts
by 2 people.
Answer Snippets (Read the full thread at bankersonline):
If the determination states the building is not in a flood zone, you would not need insurance..
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Someone gave me a copy of a Flood Coverage form which they said came from BankersOnline .com.
Does anyone have an example of a completed condo one to make sure I am doing it correctly. For example the Total covered by the association is $3,000,000 for...
Started by RR Joker on
, 5 posts
by 1 people.
Answer Snippets (Read the full thread at bankersonline):
It doesn't say 100% Replacement.
Most of us invent what works for us.
If the insurance states 100% RCV is $3MM, then $150,000 is adequate coverage as it's the lesser form for calculating coverage.
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When your loan officers get a flood determination that indicates a property is in a Special Flood Hazard Area does the loan officer determine how much flood insurance is required for their loan or do you have a centralized employee that reviews the loan...
Started by ldsnanny on
, 13 posts
by 6 people.
Answer Snippets (Read the full thread at bankersonline):
A flood review now of most all our loans in a flood hazard area and I'm just not finding by RR Joker ( 05/01/12 01:11 PM ) I have got to get mine to pull the flood determination first' facility on the pond where the frogs are? I'....
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During a recent exam of a mobile home loan, the loan was closed and no flood insurance in file, and a review of the flood determination indicates the mobile home is located in the flood zone A. After further review it appears the mobile home still has...
Started by ADN on
, 16 posts
by 8 people.
Answer Snippets (Read the full thread at bankersonline):
If the borrower fails to purchase flood insurance coverage within 45 days afterYou have a structure that is ineligable for insurance in a flood zone - not a good sitation of properties located in a participating....
Those provisions.
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Borrower does not have $ to buy flood insurance to puchase buildings in a flood plain .
We will include the $ as part of the loan proceeds.
The second the loan proceeds are advanced we will hand the $ to the insurance agent and presto we get the policy...
Started by burgess on
, 17 posts
by 10 people.
Answer Snippets (Read the full thread at bankersonline):
The coverage period before....
The effective that does not have flood insurance coverage should be protected by flood insurance.
There is a 30-day waiting period before flood coverage goes into effect.
Effective?
Yes.
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On the flood insurance dec page for flood insurance, in the premium calculation it states Building Coverage $5,642,500; Basic Coverage $175,000; Additional Coverage $5,467,500.
There are 32 units.
To calculate the coverage to see if we have enough flood...
Started by whataday on
, 2 posts
by 2 people.
Answer Snippets (Read the full thread at bankersonline):
I have never seen an RCBAP that was presented in this manner, but it would be total coverage.
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Loan Amount on 3 units = $1,114,958.05
RCBAP Coverage per unit = $85,000
RCV Per unit = $120,000
I'm saying I'm short on Flood insurance by $35,000 per unit. Can someone check behind me on that please?
Started by ldsnanny on
, 17 posts
by 4 people.
Answer Snippets (Read the full thread at bankersonline):
Again, here ....
You need to review Q&A #32 Example 1 out the calculations .
OK, that makes more sense.
Policy: $1,200,000
Actual Coverage on Flood Policy: $850,000
# of Units: 10
80% of $1,200,000 the dec page of the flood insurance.
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I have a flood policy renewal which expired on 1/25/2012. We sent the borrower the notification of the expiration of the flood insurance policy. The following happened:
1. The borrower obtained the flood insurance 31 days after the expiration of the previous...
Started by aroach on
, 14 posts
by 5 people.
Answer Snippets (Read the full thread at bankersonline):
We now have do i cancel coverage....
When they pay the premium has in flood policy paid however they paid on the 31st day which past their grace period.
The requirement is for the property to be covered under a flood insurance policy.
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I don't understand why the decal needs removing - perhaps someone can enlighten me?
Have you opened up the air intake to check for water?
As Blue Fox said, take out the spark plugs and check for moisture; will the engine crank with the plugs removed?
...
Started by Kevin on
, 15 posts
by 13 people.
Answer Snippets (Read the full thread at subaruforester):
A claim to my insurance company with comprehensive coverage, and got the car towed to dealer today puddle always make sure that you always flood the drivers side"
I'm also wondering what the decal has.
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I understand that a detached garage receives 10% flood insurance coverage if the garage is used only for parking & storage.
We have a borrower with 2 detached garages that are used for parking & storage. How does insurance coverage work for 2 detached...
Started by donnac on
, 4 posts
by 3 people.
Answer Snippets (Read the full thread at bankersonline):
Can you site me a page in the Mandatory....
How does insurance coverage work for 2 detached garages?
Thanks.
Posted By: donnac I understand that a detached garage receives 10% flood insurance coverage if the garage for parking & storage.
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