![]() See B7-3-08, Mortgagee Clause, Named Insured, and Notice of Cancellation Requirements for additional requirements applicable to a one- to four-unit property. See B2-3-04, Special Property Eligibility Considerations, for additional requirements. ![]() Property insurance policies that provide for claims to be settled on an actual cash value basis are not acceptable.Īdditional requirements apply to properties with solar panels that are leased from or owned by a third party under a power purchase agreement or other similar arrangement. The property insurance policy must provide for claims to be settled on a replacement cost basis. If a property insurance policy excludes or limits coverage of any of the required perils, the borrower must obtain an acceptable stand-alone policy that provides adequate coverage for the limited or excluded peril (see B7-3-05, Additional Insurance Requirements, for additional information). It's issued by an authorized representative. Insurance Binder Defined An insurance binder is temporary. It may be issued for a limited time and have an expiration date. The binder is proof of insurance that you can use until you receive your actual plan. National Weather Service or the National Oceanic and Atmospheric Administration by a name or number) It confirms in writing that a policy will be issued. ![]() Windstorm (including named storms designated by the U.S.
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