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#1756114 - 11/07/12 06:19 PM Increase in Flood Coverage
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
The Bank did a Mortgage to purchase a Commercial property in 2007 for $292,000. The R/C was $475,000 and Coverage $444,000. We pulled a new search and noticed there is a new loan in a second lien position for $222,000 that was made in 2008. Do we need to get additional insurance if the Coverage is still at $444,000?

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Flood Compliance
#1756125 - 11/07/12 06:31 PM Re: Increase in Flood Coverage dac
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
If you don't have the second lien, it is not your problem.
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#1756128 - 11/07/12 06:34 PM Re: Increase in Flood Coverage rlcarey
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
Thanks

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