The HUD's Office of Multifamily Housing has published a Mortgagee Letter & Housing Notice, revising the Federal Housing Administration (FHA) Multifamily property insurance requirements for wind and named storm coverage. The key changes include:

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. The maximum deductible amount is capped at $475,000 per occurrence. These changes apply to new mortgage insurance transactions that have not achieved final endorsement.

For additional details, please refer to the press release.