Hazard Insurance Replacement Cost
The DU-LP Overlay Matrix and Government Overlay Matrix were updated as follows for Hazard Insurance:
For individual hazard insurance policies, the amount of coverage must be lesser of:
- 100% of the insurable value of the improvements as established by the insurer, or
- Unpaid Principal Balance (insurance cannot go below 80% of the insurable value)
Note: Flood and master policy requirements remain the same.
For complete details, review CB17-17 Hazard Insurance Updates.