Answers about Flood Insurance
Select from the following questions about flood insurance, forced placement of insurance, and escrow payments for insurance.
- What is flood insurance?
- How much can a bank charge for flood insurance?
- I applied for a mortgage loan, and the bank is forcing me to buy flood insurance. Can the bank do this?
- When I bought my home, it was not in a Special Flood Hazard Area (SFHA), but when I refinanced my mortgage, the bank said I had to buy flood insurance because the flood maps had changed. Can the bank require me to buy flood insurance?
- The bank said that I need flood insurance, but I don't believe that my property is in a flood area. What can I do?
- Why is the bank requiring escrow of my flood insurance?
- My home is no longer in a Special Flood Hazard Area (SFHA) due to a change in the flood maps. Will I be required to maintain flood insurance?
- Does the Flood Disaster Protection Act (FDPA or Act) apply to loans that are being restructured or modified?
- The loan balance on my home has decreased over the years so that I now owe $50,000 on my home. I have a new servicer and it is requiring that my flood insurance be increased. My present policy satisfies the minimum flood insurance requirement. Can my lender require more flood insurance than the minimum required by the regulation?
- The cost of my flood insurance policy has increased. I would like to increase my deductible to reduce the cost of flood insurance. Is this possible?
- My building is located in a Special Flood Hazard Area (SFHA) and the lender told me that I will be required to purchase flood insurance. Can I be exempt from the requirement to purchase flood insurance?
- My condominium is on the 5th floor of a multi-story building located in a Special Flood Hazard Area (SFHA). Is my loan subject to the regulatory requirement for flood insurance?
- What is a National Flood Insurance Program (NFIP) Residential Condominium Building Association Policy (RCBAP)?
- My home is located in a Special Flood Hazard Area (SFHA). I am thinking about obtaining a home equity loan. Will I be required to have flood insurance?
- I plan to obtain a home equity loan. My property is in a Special Flood Hazard Area (SFHA). Will this affect my current flood insurance policy?
- I recently obtained a loan for $10,000 and made several home improvements. The lender decided to take a security interest in my home; but only as a precaution. My home is in a Special Flood Hazard Area (SFHA). Will I be required to have flood insurance?
- I received a letter from my bank stating I am required to have flood insurance for my property and the amount of the policy I presently have is not sufficient. The letter stated that the bank intends to force place a policy if I do not provide proof of sufficient coverage. Can the bank do that?
- The bank force placed flood insurance on my property. What is the amount of insurance required to be placed?
- When can lenders or servicers charge the borrower a fee for making a flood determination?
- Several family members purchased improved property and the bank determined that it was located in a Special Flood Hazard Area (SFHA). The bank sent notice to only one of us before we consummated the loan. Should all of the borrowers have been notified?
- I purchased my property more than ten years ago, and at the time of purchase, my home was not located in a Special Flood Hazard Area (SFHA). I was notified that my home is now in an SFHA, and my lender is requiring that I have flood insurance. Can the bank require me to have flood insurance?
- Flood maps for my community have changed and my home is now located in a Special Flood Hazard Area (SFHA). I am now required by my lender to have flood insurance. I read that I may be eligible for a lower rate on my flood insurance policy for two years, is that true?
- I just purchased property and the building is located in a Special Flood Hazard Area (SFHA). Will I be eligible to receive preferred risk pricing on the policy?