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Force Placed Flood & Hazard Insurance |
| Program Summary |
| Where a lender or servicer determines that requisite flood insurance is lacking, the Reform Act requires the lender/servicer to initiate force placement of flood insurance with cost passed through to borrower. Further, we can include required hazard (fire insurance) as well. |
| The Floodwatch force placed insurance facility makes insuring property simple. Floodwatch will issue a 'Master Policy' to the bank where individual properties can be added, deleted or modified with ease for the specific coverage needed. |
| We generally require weekly or monthly reporting with premium reconciliation on a monthly basis. All premiums are earned on a prorated basis without penalty for cancellation. Further, there are no minimum earned we bill you for actual use only. |
| Complete Compliance Solution |
| Flood Zone Determinations - Banks |
| Flood Zone Determinations - Agents & Brokers |
| NFIP Flood Insurance |
| Eligible Properties |
 | | Residential |
| | | 1-4 Family Dwellings |
| | | Owner or Tenant Occupied Dwellings |
| | | Seasonal or Vacant Dwellings |
| | | Real Estate Owned Property (REO) |
| | | Mobile Homes |
| | | Single Family Condominium Units |
| | Commercial |
| | | Occupied or Vacant Commercial Buildings |
| | | Commercial Real Estate Owned' (REO) |
| | | Residential Dwellings of more than four families |
| | | Apartment Buildings, Office Buildings, Farms, and other commercial properties |
| | | Condominium Buildings |
| Flood Coverage Limits Available (Hazard Limits, upon request) |
| | Residential |
| | | Building Coverage: $250,000 |
| | | Contents Coverage: Not Available |
| | Commercial |
| | | Building Coverage: $500,000 |
| | | Contents Coverage: Not Available |
| | Residential |
| | | All U.S. & Territories: $ .90 |
| | | A99 Flood Zones: $ .45 |
| | | V Zone: $ 3.00 |
| | Commercial |
| | | All U.S. & Territories: $ 1.25 |
| Deductibles |
| | Residential |
| | | $ 750.00 (Each/every Loss) |
| | Commercial |
| | | $ 1,000.00 (Each/every loss or 1% of outstanding loan balance on the date of loss, whichever is greater.) |
| Exclusions |
| | Properties located in: |
| | | Hawaii |
| | | Virgin Islands |
| | | Puerto Rico |
| For additional information please contact us |
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The above information provides only a general description of the coverage afforded in the policies offered and should not be considered as altering the insuring agreements, terms, conditions, exclusions and endorsements of the policy itself. Please read the provisions contained in the actual policies and discuss them with your insurance professional. |
