LENDER PLACED FLOOD
MAJOR BENEFITS
- Backed by the world’s largest insurance market
- Up to $6 billion in insuring capacity
- Covers losses caused by multiple perils such as fire, smoke, water, wind, civil commotion, explosion, theft, vandalism etc.
- Immediate coverage – no waiting period
- No elevation certificates required
- Available deficiency coverage when borrower’s insurance has insufficient limits
- Available deductible buy-back coverage when borrower’s insurance carries excessive deductible
- Automatic Coverage (subject to eligibility criteria)
- Flexible borrower notification letter cycle
- Special notifications to borrowers affected by flood map changes
- Flexible rating based on lender preferences
- Blanket coverage available
- Coverage available in Coastal Barrier Resources System areas
- Less restrictive cancellation provisions compared to the NFIP
- Coverage automatically renews
- Increased Cost of Compliance coverage up to $30,000 included
COVERAGE INFORMATION
1-4 Family Residential Properties
- Replacement Cost coverage of owner-occupied dwellings
- Actual Cash Value coverage on Other Structures
- No co-insurance requirement
- Temporary Housing Expense up to $1,000 per loss
- Mobile Home coverage
- Unit Owner loss assessment coverage for underinsured condo associations
- Up to $250,000 in building coverage
- Up to $120,000 in contents coverage (if part of loan security)
- $1,000 standard deductible ($750 available)
Commercial Properties
- Actual Cash Value coverage on building
- Coverage for commercial condominium units
- Coverage for hotels, motels, retail stores and other businesses establishments
- No co-insurance requirement
- Up to $500,000 in building coverage
- Up to $500,000 in contents coverage (if part of loan security)
- $1,000 standard deductible