Question:
We have an Ag Loan that has five parcels secured by one loan. When running the flood determination, it shows that two of the parcels are in a SFHA. Out of the five, the two that are in the SFHA have structures on them, a mobile home (permanent foundation) a dwelling, and two equipment/storage sheds. We have flood insurance on the mobile home and the dwelling. My question is are we suppose to have a separate policy for each and every structure on the parcel or can we go by the FDICs special situation clause where it states for multiple structures that secure a loan FEMA does permit borrowers to insure nonresidential buildings using one policy with a schedule separately listing each building or do we have to have a policy for each storage building?
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