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What is the difference between a MPPP and Standard Flood insurance policy?

April 26, 2017flood insurance policy mppp standard

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What is the difference between a MPPP and Standard Flood insurance policy?

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A Mortgage Protection Portfolio Program is a lender-placed flood insurance. Because a risk analysis through underwriting does not occur a minimum coverage is placed that covers the lender’s investment in the collateral that is at a higher premium than appraised property. Standard Flood insurance is a regular insurance that has underwritten risk analysis done on the property. This allows the insurance policy to provide a more complete coverage, including personal liability, at a cheaper premium than the MPPP policy.