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).
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.
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
Prior Lien(s) Balance(s):
Total All Loans:
Total Appraised Value:
Land Value (n/a condo) =
Total Value of Improvements:
| || || |
Total Replacement Cost
Per Hazard Insurance Policy:_____________
Maximum NFIP Available
Per Residence- $250,000 X
Per Comm. Bldg $500,000 X
No. Units or Buildings
Maximum NFIP Insurance Available
| || |
The Lesser of the values
In the right column =
Amount of Insurance Required ***
CALCULATION OF COVERAGE ON INDIVIDUAL CONDOMINIUM UNITS
Total insurance carried by the
(Note if by building or entire condo association)
Divided by No. Units
(In either the building or total condo, based on coverage type)
Amount of Insurance Per Unit ________________
This figure is an average, based on master policy. Owners can purchase additional insurance on individual units if required.
***Amount of Insurance required:
(Insert same amount determined above)
Amount currently in place or applied for:
From policy or evidence of insurance application for coverage or condo calculation above.
Is the amount of insurance adequate?
_____YES _____ NO
Borrower: ____________________________________________Loan #: ____________
Address of Property: ______________________________________________________
Date Form Completed: _______________________________
Prepared by: ________________________________________
Flood-1 Form Revised 6/28/02 Southern Community Bancorp Compliance Department