Gateway Mortgage has made an update to our Flood Insurance Policy.
The required coverage offered is the lesser of the following:
- The combined total outstanding principal balance of all loans, or
- The maximum amount of coverage available under the NFIP (currently $250,000 per residential building); or
- The insurable value of the residential building(s), which can be located on the hazard policy.
The complete Flood Insurance requirements can be found in Client Guide Chapter 4 on page 20.
Please direct any questions to your Regional Sales Manager