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1.)If a loan has a residence and 4 other buildings (garage, pool house, workshop and lawn mower storage shed), which buildings would be considered valid in the exemption rule as long as they do not have the capability of a residence. (Meaning they do not have a sink, bathroom or kitchen) The workshop is not used for business purpose.
2.) There is no limit to exemptions on a loan as long as they fit the criteria?
3.) This does away with the 10% of the homeowner policy covers the detached garage rule?
4.) Does the residence have to value enough to cover the loan by itself without the detached structure if it is exempt from the flood requirement?
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