Flood-Insurance

Some Borrowers Have Buildings With Limited Utility or Value, and in Many Cases, the Borrower Would Not Replace Them if Lost in a Flood?

by

Introduction: Commencing with this article, we delve into a critical facet of flood insurance and risk management – the dilemma faced by borrowers who possess structures with limited utility or value, raising questions about whether these properties warrant replacement in the event of a flood-related loss. In the realm of flood risk assessment, not all … Read more

Does the 30-Day Waiting Period Apply When the Purchase of the Flood Insurance Is Deferred in Connection With a Construction Loans?

by

Introduction: In the realm of flood insurance, navigating the complexities of waiting periods is a vital aspect that often raises questions, particularly when it comes to construction loans. One such query revolves around whether the 30-day waiting period applies when the purchase of flood insurance is deferred in connection with construction loans. Construction projects, whether … Read more

Are Residential Condominiums, Including Multi-Story Condominium Complexes, Subject to Statutory and Regulatory Requirements for Flood Insurance?

by

Introduction: In recent years, the issue of flood insurance has gained increasing prominence, particularly in the context of residential condominiums, including multi-story condominium complexes. As climate change continues to manifest itself through rising sea levels and increased precipitation, the risk of flooding has become a pressing concern for property owners and policymakers alike. This article … Read more

What action must a lender take if there is no RCBAP coverage?

by

Introduction: In the realm of mortgage lending and flood risk management, the existence of proper insurance coverage is paramount. Specifically, the Residential Condominium Building Association Policy (RCBAP) plays a crucial role in safeguarding both lenders and homeowners from the financial repercussions of flood-related damages. However, what happens when there is a glaring absence of RCBAP … Read more

Does the Regulation apply to a loan where the building or mobile home securing such loan is located in a community that does not participate in the NFIP?

by

Introduction: In today’s discussion, we delve into a pertinent question surrounding financial regulations and property ownership: “Does the Regulation apply to a loan where the building or mobile home securing such loan is located in a community that does not participate in the NFIP?” The National Flood Insurance Program (NFIP) plays a pivotal role in … Read more