- SFHA Flood Dwelling & Contents Coverage
- Low cost to lender
- Requires borrower flood insurance tracking
- Highly regulated
- Common name is force-placed flood insurance
Mortgage Portfolio Flood Insurance is used to transfer flood risk associated with dwellings, other structures and contents that are typically contained in an NFIP Flood Insurance Policy. Coverage limits can exceed the NFIP limits of $250,000/$500,000 for residential/commercial property.
The Mortgage Portfolio Flood Insurance Policy is a master policy which is issued to the lender. Coverage is placed for the loan collateral when a Notice of Insurance (NOI) is issued for the policy. Premium is billed to the lender who directly passes the premium charge to the borrower per their loan agreement. Additional Coverage above the NFIP limits is available if specified in the policy endorsements. Once we understand the risk profile of your portfolio, the Miniter underwriting team will work with you to customize coverage for your portfolio.
This policy form uses Notice of Insurance certificates (NOI) so software technology is required to efficiently place, monitor and invoice for these certificates. In addition, NFIP regulatory requirement require lenders to follow strict notification and billing procedures. Miniter’s offers three different delivery systems technology listed below along with our claims processing system that will be used to report a loss.
How Does Working With Us… Work?
The four items below provide you with a glimpse into the different ways you can choose to insure your loan portfolio against risk.