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To supplement our Mortgage Fire Insurance program, Great American offers Forced Placed Flood Coverage to protect the mortgagees interest in the event that the mortgagor is not carrying contractually required flood insurance naming the lender as mortgage holder. Coverage may apply to properties eligible for the National Flood Insurance Program (Zones “A” and “V”) or where required within the mortgage agreement. Availability of Forced Placed Flood Insurance on an admitted or surplus lines basis varies by state. Our Forced Placed Flood coverage offers a wide variety of limits, deductibles and coverage options. Standard Limits of Liability are $250,000 Residential and $500,000 Commercial. Limits up to $1,000,000 or greater are available. Forced Placed Flood may be purchased in most states on either a single interest (mortgage loan balance) or dual interest (total insurable value). Coverage may be term annual, monthly with various billing options. Optional coverage to the basic Mortgage Fire product include: Increase Cost of Compliance, Waiver of Co-insurance. For a separate charge payable by the mortgagee, the mortgagee may purchase Blanket Flood protection on any portion of their mortgage portfolio; irrespective of zone and eligibility. Great American can customize flood coverage to meet a lender’s specific needs. Click
Here for Forced Placed Flood Coverage Insurance Application |