today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about
Total Comments: 28
Posted: Tue Dec 04, 2007 06:45 am Post Subject:
The mortgage insurer can obtain flood insurance on your behalf if the property lies in the flood prone area and will bill you for the amount. Its done in order to secure the lien on the property. Its quite a normal practice on the mortgage insurer's part.
Damages caused by flood water aren't covered under the typical homeowners policy. Therefore, in order to protect your property you may need the special flood insurance offered by the NFIP if you are residing in the flood prone area.
Posted: Tue Dec 04, 2007 06:57 am Post Subject:
Do you live in the flood plain? Or have moved to the flood plain from other place? If the answer is yes for any of the above questions, then you probably know the reason too.
You can check out with the Flood Insurance Rate Map to know whether the property is lying in the flood area or not. You can also find out the rate of the flood insurance in your area from their report.
Its quite a normal practice on the mortgage insurer's part.
I guess not. At least you'll be intimated about the requirement. If you disagree with the amount or fail to obtain it for yourself then the insurer will take the policy on your name and the premium amount will be taken out form your escrow account.
Flood insurance can put an extra burden on you because of high premium. Therefore, I would rather suggest that you have a discussion with your carrier to find out the actual story.
Posted: Tue Dec 04, 2007 07:25 am Post Subject:
today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about
Have you enquired with your carrier? They might have an explanation for this act.
Which state are you from? Is flood insurance a requirement in your area?
I agree with DazzilingDiamond, referring the Flood Insurance Rate Map is a good idea. For more information you can also check out with the following site. http://www.fema.gov/plan/prevent/floodplain/index.shtm
Thanks,
Carol
Posted: Thu Jan 17, 2008 11:55 pm Post Subject: Chase imposing flood insurance requirement above mortgaged $
SunTrust does not require flood insurance above the mortgaged amount. Chase purchased my SunTrust mortgage and then informed me I need to have 80% flood coverage for value of the property. I told Chase that changing the term of a purchased mortgage was unlawful. Their response was that it is their policy to require the value coverage. I reiterated that their policy requirement constituted a change in the terms of my original mortgage and was not legal. My next move is to file a complaint with the Banking and Insurance division in my state. Then I will re-finance with a company that hasn't adopted FEMA's suggestion (for FEMA's bottm line only, and to what end except buffering bureaucratic ineptness) and doesn't sell off their mortgages.
Posted: Sat Jan 19, 2008 10:10 pm Post Subject:
I don't think that flood insurance is a bad idea even if you are not in a flood zone, a lot more is covered under the flood insurance than we realize. It is not typically offered and will save you a few bucks but in the long run you are better off having it.
Posted: Tue Jan 22, 2008 04:09 am Post Subject:
if you don't live in a flood zone though goodnatured, it is unnecessary to pay for flood insurance. I would call them up and ask what the hey?
Posted: Wed Mar 19, 2008 12:13 am Post Subject:
Everyone lives in a "flood zone". The question is do you live in a Special Flood Hazard Area. These are the areas in which flood insurance is mandatory. It is not correct to say that if you are not in a SFHA that flood insurance is unnecessary. Many non SFHA areas are prone to flooding and a preferred risk policy is cheap and can really payoff for many people even though it's not required.
Posted: Wed Mar 19, 2008 05:32 am Post Subject:
You need to find out if the zone your home is in changed. FEMA is always re-evaluating the flood boundaries and they could have changed between the time you originally obtained your mortgage and when Chase bought it.
If the zone changed while you were with Suntrust, they may not have caught the change, but generally when a company buys a mortgage, they will check it.
Once you determine what zone you are in, then you need to look into the costs of the policy. If you are in the 100-year zone, you still have options.
You can have an elevation certificate drawn up by a qualified surveyor. This is a certificate that will ouline all of the elevations of your home in comparison with the base flood elevation. If the top of your foundation sits 6 inches or more above the base flood elevation, you generally see the cost of the policy drop dramatically. This can be common when the home sits near the edge of a 100-year flood zone and the home itself sits high compared to the land around it.
Chances are, if they found you were in a special hazard area, they obtained the policy without a certificate, assuming the worst case scenerio.
I have not dealt with a mortgage company yet that requires flood insurance on a home that is not in a special hazard area, so before crying foul, just have a local agent check the zone for you.
Posted: Tue Apr 13, 2010 02:20 am Post Subject: flood insurance
We received a copy of an expensive flood insurance policy that Chase purchased in our behalf. We already paid our annual flood insurance to our insurance company beginning of the year. Are they not required to notify the mortgage company that the flood insurance policy was paid and re-newed?
Posted: Mon May 03, 2010 12:09 pm Post Subject:
Please take up the matter with Chase right away and show documentation of the flood insurance premium you’ve already paid up. This seems to be an administrative error.
Posted: Tue Dec 04, 2007 06:45 am Post Subject:
The mortgage insurer can obtain flood insurance on your behalf if the property lies in the flood prone area and will bill you for the amount. Its done in order to secure the lien on the property. Its quite a normal practice on the mortgage insurer's part.
Damages caused by flood water aren't covered under the typical homeowners policy. Therefore, in order to protect your property you may need the special flood insurance offered by the NFIP if you are residing in the flood prone area.
Posted: Tue Dec 04, 2007 06:57 am Post Subject:
Do you live in the flood plain? Or have moved to the flood plain from other place? If the answer is yes for any of the above questions, then you probably know the reason too.
You can check out with the Flood Insurance Rate Map to know whether the property is lying in the flood area or not. You can also find out the rate of the flood insurance in your area from their report.
Its quite a normal practice on the mortgage insurer's part.
I guess not. At least you'll be intimated about the requirement. If you disagree with the amount or fail to obtain it for yourself then the insurer will take the policy on your name and the premium amount will be taken out form your escrow account.
Flood insurance can put an extra burden on you because of high premium. Therefore, I would rather suggest that you have a discussion with your carrier to find out the actual story.
Posted: Tue Dec 04, 2007 07:25 am Post Subject:
today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about
Have you enquired with your carrier? They might have an explanation for this act.
Which state are you from? Is flood insurance a requirement in your area?
I agree with DazzilingDiamond, referring the Flood Insurance Rate Map is a good idea. For more information you can also check out with the following site.
http://www.fema.gov/plan/prevent/floodplain/index.shtm
Thanks,
Carol
Posted: Thu Jan 17, 2008 11:55 pm Post Subject: Chase imposing flood insurance requirement above mortgaged $
SunTrust does not require flood insurance above the mortgaged amount. Chase purchased my SunTrust mortgage and then informed me I need to have 80% flood coverage for value of the property. I told Chase that changing the term of a purchased mortgage was unlawful. Their response was that it is their policy to require the value coverage. I reiterated that their policy requirement constituted a change in the terms of my original mortgage and was not legal. My next move is to file a complaint with the Banking and Insurance division in my state. Then I will re-finance with a company that hasn't adopted FEMA's suggestion (for FEMA's bottm line only, and to what end except buffering bureaucratic ineptness) and doesn't sell off their mortgages.
Posted: Sat Jan 19, 2008 10:10 pm Post Subject:
I don't think that flood insurance is a bad idea even if you are not in a flood zone, a lot more is covered under the flood insurance than we realize. It is not typically offered and will save you a few bucks but in the long run you are better off having it.
Posted: Tue Jan 22, 2008 04:09 am Post Subject:
if you don't live in a flood zone though goodnatured, it is unnecessary to pay for flood insurance. I would call them up and ask what the hey?
Posted: Wed Mar 19, 2008 12:13 am Post Subject:
Everyone lives in a "flood zone". The question is do you live in a Special Flood Hazard Area. These are the areas in which flood insurance is mandatory. It is not correct to say that if you are not in a SFHA that flood insurance is unnecessary. Many non SFHA areas are prone to flooding and a preferred risk policy is cheap and can really payoff for many people even though it's not required.
Posted: Wed Mar 19, 2008 05:32 am Post Subject:
You need to find out if the zone your home is in changed. FEMA is always re-evaluating the flood boundaries and they could have changed between the time you originally obtained your mortgage and when Chase bought it.
If the zone changed while you were with Suntrust, they may not have caught the change, but generally when a company buys a mortgage, they will check it.
Once you determine what zone you are in, then you need to look into the costs of the policy. If you are in the 100-year zone, you still have options.
You can have an elevation certificate drawn up by a qualified surveyor. This is a certificate that will ouline all of the elevations of your home in comparison with the base flood elevation. If the top of your foundation sits 6 inches or more above the base flood elevation, you generally see the cost of the policy drop dramatically. This can be common when the home sits near the edge of a 100-year flood zone and the home itself sits high compared to the land around it.
Chances are, if they found you were in a special hazard area, they obtained the policy without a certificate, assuming the worst case scenerio.
I have not dealt with a mortgage company yet that requires flood insurance on a home that is not in a special hazard area, so before crying foul, just have a local agent check the zone for you.
Posted: Tue Apr 13, 2010 02:20 am Post Subject: flood insurance
We received a copy of an expensive flood insurance policy that Chase purchased in our behalf. We already paid our annual flood insurance to our insurance company beginning of the year. Are they not required to notify the mortgage company that the flood insurance policy was paid and re-newed?
Posted: Mon May 03, 2010 12:09 pm Post Subject:
Please take up the matter with Chase right away and show documentation of the flood insurance premium you’ve already paid up. This seems to be an administrative error.
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