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Monday, August 11, 2014

Does Massachusetts's New Flood Insurance Law Conflict with Federal Requirements?

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC

Massachusetts House Bill 3783 caps the total amount of lender-required flood insurance on a residential property at the outstanding balance of the associated mortgage. Regulations issued by the FDIC also set parameters for flood insurance coverage amounts. Whether these two sets of requirements are in sync or in conflict has been a source of confusion.