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I have a borrower who has renewed his flood policy on a 5+ multi-family residential for coverage of only $250,000. He was notified weeks in advance by me to increase his coverage at renewal. Do I need to force-place for the additional $250,000? Is that considered to be duplicate coverage?
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If your borrower renewed the policy for less coverage than is required based on the calculation (the lesser of: the outstanding balance of the loan, the insurable value of the property or the maximum amount of insurance available) and the new coverage limits, you need to begin your force-placement procedures.
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