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The required amount of flood insurance on a residential building is generally the least of the outstanding principal balance, the insurable value of the building, or:
a.The full purchase price
b.Twice the loan amount
c.The county's median home price
d.The maximum coverage available under the NFIP
Giải thích
Required flood coverage generally equals the least of: the outstanding principal balance of the loan, the maximum limit of coverage available under the NFIP for the property type, or the insurable (replacement) value of the building. Land value is excluded because land does not wash away. For residential buildings the NFIP maximum is a fixed statutory cap.
Trích dẫn luật: Flood Disaster Protection Act / National Flood Insurance ProgramLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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