Regional Perils Insurance
If a PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). is in an area prone to geological phenomena, the property insurance coverage must include those phenomena.
The coverage amount must be 100% of the insurable value.
Examples of geological phenomena include sinkhole, mine subsidence, volcanic eruption, and avalanche.