Can A Bank Require More Flood Insurance Than The Mortgage Is Worth?
Question by pixiedoodle | Posted in Renting & Real Estate
I have a 50k equity line of credit. I only owe 17k on it TOTAL. I have flood insurance for 50k but the bank is wanting me to up it to 105K. this would increase my premium to 2500 a year instead of the 650. i am paying now. Is this appropriate? Can I contest it somehow? Any ideas?
Answer: Well, how much coverage do you have? If it is to rebuild this is reasonable. Also covering your belongings. If the insurance coverage tops out at 50k then I can not see how they would justify this.
What Is The Lowest Possible Amount A Mortgage Company Will Allow You To Insure A House For Flood Insurance?
Question by shadow342 | Posted in Renting & Real Estate
What is the lowest possible amount a mortgage company will allow you to insure a house for flood insurance?
Would it be the cost to replace the property or the amount of the loan? any one know about this?
Answer: It is for the same amount as your fire insurance policy, up to the maximum amount of coverage insurable under FEMA rules. This coverage is based (or should be based) on the replacement cost of your home, but can be based on the amount of your mortgage loan if that is the lower. If your house is in a Flood Zone A or V, this flood insurance coverage is expensive and will cost you about twice as much as your fire/comprehensive policy. However, if you are in Flood Zones A or V (meaning there is a 1% possibility that the land will flood by 1 foot or more in any one year), then a bank granting or holding your loan is required by law to assure that this insurance is in place and they even have to check
Why Should Inland Areas Have To Pay For Flood Insurance When You Cant Water The Lawn Because There Is No Water?
Question by yhuntman99 | Posted in Earth Sciences & Geology
I mean really if there is no water in the water table and the lakes are dry why should you have to pay for flood insurance.
How about t he fact that in inland areas of Florida You have to have flood insurance even though if your house got flooded 80% OF DOWNTOWN Tampa would be underwater and the insurance company would not be able to pay off anyway. What good is insurance when if you need it you wont be able to get it?
Answer: WHY TEACH A DOG HOW TO CHASE CATS WHEN THEY JUST RUN OFF WHEN THEY SEE ONE OF THEIR INSTICTS? IT JUST GOES THAT FOR ALL OF LIFE. IF THE ISLAND HAD NO FLOOD INSURANCE AND TWENTY YEARS LATER, THERE IS A HUGE, BIG, THUNDERSTORM, HAIL, SNOW, AND RAIN COMMING FROM ALL PARTS OF THE ISLANDS, JUST LIKE THE DUST BOWL BUT IT HAS TO DO WITH WATER. WHAT WOULD YOU DO THEN WHEN THE ISLAND IS DESTROYED? I'M THINKING, LOOK BACK AT THE DUST BOWL, IF THEY HAD INSURANCE PROTECTING THE FOUR COUNTIRES, OR STATES WATEVER IT WAS, IT WOULD OF TURNED OUT FOR THE BETTER RIGHT? THE FAMILIES COULD FINALLY RAISE THEIR CHILDREN LIKE NOTHING HAPPNENED AND PEOPLE CLEANING UP LIKE THERE WAS NO DUST BOWL. THE THING TIMES DOES
How To Avoid FEMA Flood Insurance Program By Our Mortgage Co.?
Question by Frank | Posted in Insurance
I live in a desert, doesnot flood but their maps show in a flood plain. Have lived here for 6 years and from the beginning never needed flood insurance, but now mortgage company is ordered to charge for it by FEMA demand.
Answer: If it's in a flood plane -that means it has flooded there before.
If the mortgage company requires flood insurance - not much you can do other than get it.
The good news - if the risk of flood is low....the coverage will be cheaper. So contact your current homeowners company and get a quote. All flood policies are through the federal government. The bill may show your homeowners company and the adjuster working a flood claim will be from your company - but it's federal money that pays the claims. The only available flood coverage is through the federal government. Odds are getting the coverage through your carrier will be cheaper than what the mortgage company is
If I'm going to buy flood insurance, how much coverage should I get with respect to the value of my house and belongings? Is there any kind of rule of thumb for coverage?
BTW, I'm not required to get it, I am getting it on my own.
Answer: Yep, there is. For the house, you want to have enough to rebuild the house, so it's the replacement value. However, the MOST you can buy, is $250,000. So, replacement value up to the maximum limit.
For contents, anything in the basement isn't covered. So value of contents, up to the limit available (which I think is $100,000 but I'm not positive), less the value of whatever you store in the basement, as it's not covered anyway.
Be Flood Smart; Find Out Your Flood Threat - Kansas City infoZine News
According to National Flood Insurance Program (NFIP) data, the average annual U. S. flood losses in the most recent reporting period were more than $2. Floods are the most common type of natural disasters.
The Federal Emergency Management Agency says their properties are in a floodplain, requiring anyone with a federally insured mortgage to purchase flood insurance to reduce risks to the lenders. Property owners are telling city officials that the
By Pete Kasperowicz - 05/15/12 01:00 PM ET The House this week will pass a one-month extension of the National Flood Insurance Program (NFIP), just a few weeks before the program expires at the end of May. House Republicans on Wednesday will bring up
By Julian Whittle The insurance industry and the Government are on the verge of a deal that could offer a lifeline to Cumbrian households at risk of flooding. Severe flooding in January 2005 and November 2009 affected around 4000 properties,
Through Farmer's Insurance Group, Milliman has three types of coverage including homeowners, sump pump and flood insurance. According to the agency, he's getting $5000. Ron says, that's not enough. "All they're going to cover is replacing the carpet
SGIO says flood cover is being included in all home and contents insurance policies but only about 2.5 per cent of its customers around the state will be hit with the increased premiums. SGIO's James Rickards says the increase applies to residents who
Quotes for Texas Flood Insurance Quote 
Wicker Presses for Long-Term NFIP Reauthorization as Deadline Looms #flood
By Pete Kasperowicz - 05/15/12 01:00 PM ET The House this week will pass a one-month extension of the 
By Julian Whittle The insurance industry and the Government are on the verge of a deal that could offer a lifeline to Cumbrian households at risk of flooding. Severe flooding in January 2005 and November 2009 affected around 4000 properties,
SGIO says flood cover is being included in all home and contents insurance policies but only about 2.5 per cent of its customers around the state will be hit with the increased premiums. SGIO's James Rickards says the increase applies to residents who