HUD Increases Wind and Named Storm Insurance Coverage Deductible Amount

On April 18, 2024, HUD sent out the following information:

Today, HUD’s Office of Multifamily Housing published a Mortgagee Letter & Housing Notice, revising our Federal Housing Administration (FHA) Multifamily property insurance requirements for wind and named storm coverage by increasing the maximum casualty insurance deductible amount for wind or named storm coverage to the greater of $50,000 or 5% of the insurable value per location, up to a maximum amount of $475,000 per occurrence, for new mortgage insurance transactions that have not achieved final endorsement.

For additional detail, see the press release here.