The 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). must have earthquake insurance if required by Fannie Mae based on the Seismic Risk Assessment.
The coverage amount must be at least 100% of the insurable value.
The deductible amount may not exceed the greater of
- 10% of the insurable value, or
- the applicable maximum amount in Part II, Chapter 5: Property and Liability Insurance, Section 501.02A: Minimum Coverage Amounts.