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Biggert-Waters Flood Insurance Reform Act

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  • #2650
    Marcella
    Participant

    3 questions

    1) Does the new $500,000 limit on family units of more than 5 also apply to condominium?
    2) Should the new deductable limits be in place
    and
    3) Is this effective as of now?

    Thanks

    #3189
    JGo9
    Participant

    1) Does the new $500,000 limit on family units of more than 5 also apply to condominium?
    Potentially it could. If the Bank was financing say just one unit, then I would say that it doesn’t apply. If 5 or more units were being financed then it may. I would love to get Jack’s opinion on this question.

    2) Should the new deductable limits be in place

    The new deductible limits are in place now. They were effective July 6, 2012.

    3) Is this effective as of now?
    Both issues are in effect now. You should review your loans that are in a special flood hazard loan area to see if any adjustments in flood insurance coverage need to take place.

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