# Flood Insurance Update

Source: https://www.gatewaycorrespondent.com/announcements/flood-insurance-update

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](https://www.gatewaycorrespondent.com/wp-content/uploads/2019/11/Client-Guide-Chapter-4-PDF-11.20.2019-v4.pdf) on  page 20.

Please direct any questions to your [Regional Sales Manager](https://www.gatewaycorrespondent.com/contact/sales/)