Selling Guide

Published December 16, 2020

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What are acceptable flood insurance policies?

Acceptable Flood Insurance Policies

The flood insurance policy must be one of the following:

  • a standard policy issued under the NFIP; or
  • a policy issued by a private insurer as long as
    • the terms and amount of coverage are at least equal to that provided under an NFIP policy based on a review of the full policy issued by a private insurer, and
    • the insurer meets Fannie Mae’s rating requirements as specified in B7-3-01, Property Insurance Requirements for Insurers.

A Policy Declaration page is acceptable evidence of flood insurance.

Note: A mortgagee clause is not required for a Residential Condominium Building Association Policy or an equivalent private flood insurance master policy. For additional information on mortgagee clause requirements refer to B7-3-08, Mortgagee Clause for Property and Flood Insurance.

For additional information, see B7-3-07, Flood Insurance Coverage Requirements.

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