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8.17.1 Coverage
The minimum amount of coverage required is the lower of any of the following:
  • 100% of the replacement cost of the dwelling, based on the hazard insurance policy up to $250,000
  • The maximum insurance available from the...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-17-1-Coverage > 8-17-1-Coverage

8.17.2 Deductible
The maximum deductible is $10,000, unless state law requires a higher maximum deductible. The policy must be underwritten by an insurer who is currently rated as one of the following:
  • B+ or better financial strength rating in...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-17-1-Coverage > 8-17-2-Deductible

8.17.3 Nonparticipating Communities
PHH does not purchase loans secured by properties located in nonparticipating communities or Coastal Barrier Resource Systems Areas.

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-17-1-Coverage > 8-17-3-Nonparticipating-Communities

8.18 Condominium Flood Insurance
Any project that has any part of a building, dwelling, structure, or improvement situated i n a Special Flood Hazard Area (SFHA) requires flood insurance. These are all areas in A or V flood zones.
Note: PHH does not allow handwritten...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-18-1-Coverage > 8-18-Condominium-Flood-Insurance

8.18.1 Coverage
Option 1:
Flood coverage is included in the condo master policy. The required flood insurance coverage has the following components:
  • Building coverage that equals 80% or more of the insurable value of the common...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-18-1-Coverage > 8-18-1-Coverage