[kmeade]

We just received notice an existing loan is in a flood zone. While waiting on the borrower to get insurance, the bank is purchasing flood insurance. If there are two structures, a house and a barn, both of value, do we have to have a separate policy for each? The company the bank uses to force place flood insurance is not a MPPP company.

[jholzknecht]

The flood regulations generally require flood insurance for each structure. FEMA policies do not allow more than one structure on a policy. So, you would need a separate policy for each structure.

[Author]

Posts