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Get Flood Insurance Coverage Form

FLOOD INSURANCE COVERAGE FORM Complete this form to determine the amount of flood insurance needed for a loan that is secured by improved real estate located in a special flood hazard area or for a loan secured by a mobile home located in a special flood hazard area whether or not loan is secured by the real estate. Owners can purchase condo association condo based on coverage type additional insurance on individual units if required. Amount currently in place or applied for Is the amount of insurance adequate Insert same amount determined above From policy or evidence of insurance application for coverage or condo calculation above. YES NO Borrower Loan Address of Property Date Form Completed Prepared by Flood-1 Form Revised 6/28/02 Southern Community Bancorp Compliance Department. Evidence of flood insurance must be provided on or before loan closing even on construction loans. Contents coverage should not be included on this form. Our Loan Amount Total Appraised Value - Maximum NFIP Available Per Residence- 250 000 X Per Comm. Bldg 500 000 X Prior Lien s Balance s Total All Loans Land Value n/a condo Total Value of Improvements No. Units or Buildings The Lesser of the values In the right column Total Replacement Cost Per Hazard Insurance Policy Insurance Available Amount of Insurance Required CALCULATION OF COVERAGE ON INDIVIDUAL CONDOMINIUM UNITS Total insurance carried by the Divided by No. Units Association This figure is an average based on Note if by building or entire In either the building or total master policy. The amount of flood insurance must equal the lesser of the loan amount plus balances of all loans in a superior position the insurable value of the improvements or the maximum coverage available through the National Flood Insurance Program NFIP. IMPORTANT ITEMS TO NOTE There should be a separate flood insurance policy for each insurable structure. Owners can purchase condo association condo based on coverage type additional insurance on individual units if required* Amount currently in place or applied for Is the amount of insurance adequate Insert same amount determined above From policy or evidence of insurance application for coverage or condo calculation above. YES NO Borrower Loan Address of Property Date Form Completed Prepared by Flood-1 Form Revised 6/28/02 Southern Community Bancorp Compliance Department. The amount of flood insurance must equal the lesser of the loan amount plus balances of all loans in a superior position the insurable value of the improvements or the maximum coverage available through the National Flood Insurance Program NFIP. IMPORTANT ITEMS TO NOTE There should be a separate flood insurance policy for each insurable structure.

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Keywords relevant to Flood Insurance Coverage Form

  • condominium
  • appraised
  • lien
  • Calculation
  • balances
  • compliance
  • improvements
  • Revised
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