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