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#1129035 - 02/12/09 08:06 PM Incorrect Flood Statement?
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
Am I correct in thinking the bolded and italic part of following statement regarding flood insurance is incorrect?

When the collateral for the loan consists of a building that is located in a SFHA and other business assets stored in the building (such as inventory, equipment) contents coverage is also required. If the collateral consists of inventory and equipmrnt only (no building) that are stored in a building located in SFHA, contents coverage is not required.

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Lending Compliance
#1129106 - 02/12/09 08:48 PM Re: Incorrect Flood Statement? CaseyBoo30
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
that is a CORRECT statement

(For S&S reasons, however, you may want insurance...FEMA just does not require it.
Last edited by RR joker; 02/12/09 08:53 PM. Reason: expanded
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