Private Flood Ins. – If a borrower purchases flood insurance that is insufficient to meet the minimum required amount, may a borrower purchase an additional private flood excess insurance policy to make up the difference?

Compliance > Lending > Flood > 2019 Private Flood Insurance Rule
Q:  If a borrower purchases flood insurance that is insufficient to meet the minimum required amount, may a borrower purchase an additional private flood excess insurance policy to make up the difference? 
 
A:  The answer is yes, as long as the private flood excess insurance policy meets the requirements in the agencies' regulation regarding the mandatory acceptance of private flood insurance, the discretionary acceptance of flood insurance issued by a private insurer, or the acceptance of certain mutual aid plans.
 
 
This Q&A was part of the discussion in the Outlook Live – 2019 Interagency Flood Insurance Update on Private Flood Insurance Rule webinar held on 6/18/19 and focused on the new private flood insurance rules that become effective 7/1/19.  Information may be found here:   https://www.webcaster4.com/Webcast/Page/577/30085
 

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