FDIC FAQs – How does a bank determine appropriate coverage for multiple buildings?

Compliance > Lending > Flood > FAQs
Q:  How does a bank determine appropriate coverage for multiple buildings?
 
A:    The calculation is the same as for a single building; however, the bank must spread the coverage among all of the buildings in the special flood hazard area. Each building must have some coverage.
 
 
 
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the FDIC’s Flood Insurance Videos, which were updated in 2016, which may be found here:   https://www.fdic.gov/news/news/financial/2016/fil16018.html
 
 

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