Servicing Guide

Published November 10, 2020

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If the insurable value of the common elements is minimal – for example, the potential policy limit is less than or very near the cost of the standard deductible, is coverage mandatory?

 If the insurable value of the common elements (e.g., entrance signage, lamp posts, etc.) is minimal – for example, the potential policy limit is less than or very near the cost of the standard deductible – is coverage mandatory? 

If the lender determines that the insurable value of the common elements is de minimis, or close in value to any insurance deductible that would be obtainable, thereby negating a reasonable value of the insurance, the lender may document in the loan file a conclusion to proceed without insurance coverage on these common elements. 

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

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Visit Selling and Servicing Guide Communications and Forms

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