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.