FDIC FAQs – 2012 NY Flood Insurance Teleconference - 25

Compliance > Lending > Flood > Flood Ins Compliance Teleconf - Dec 2012
Q:  If the detached garage is more than 10% of the value of the overall structure we’ve been requiring additional insurance on that detached garage - is this correct?
 
A:     Yes, the 10 percent coverage reduces the overall coverage limit, so if 10 percent of the policy value is not enough to cover the garage adequately a separate policy could be written for the structure.
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the materials from the FDIC New York Region Regulatory Teleconference:  “Flood Insurance – Flood Insurance Compliance and an Examiner’s Perspective” which took place on December 3, 2012.      These materials may be found here:  https://www.fdic.gov/news/conferences/NY/2012-12-03.html
 

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