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Flood Changes 6/1/14

Home Forums Compliance Masters Group (Members Only) Flood Changes 6/1/14

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    rcooper
    Keymaster

    Question from training session on 5.16.14:

    from FSBKY to Everyone:
    Is the multi-family $500,000 change the only change for June 1, 2014 that banks need to consider?

    ANSWER: Pages 16 through 26 of the manual discussed during the meeting “Recent Flood Laws and Regulations” gives you a description of each change effective June 1, 2014. It is a good idea to become familiar with all the changes, but pay partiular attention to the increase in the maximum coverage increase for five or more family properties ($250,000 to $500,000), the deductible changes, the definitions of primary residence to ensure you aren’t requiring more insurance than what will be paid in the event of a loss, what you should expect to see on the dec sheet.

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