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#1758374 - 11/15/12 08:33 PM Flood Insurance/Mobile Home HELP!
nikki_compliance Offline
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Joined: Mar 2010
Posts: 520
NM
Can we accept a flood insurance policy on a Mobile Home that is combined with their fire & hazard policy.

Customer brought in their policy and it does show the flood coverage along with the flood zone listed is this acceptable?

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Flood Compliance
#1758382 - 11/15/12 08:39 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,269
Galveston, TX
There are a few areas/States that still apparently offer these policies, but it has been a long time since I saw one. They were acceptable at the time. In the middle of the NM desert, they are probably still available smile
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#1758404 - 11/15/12 08:59 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
nikki_compliance Offline
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Posts: 520
NM
Thank you!!

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#1759150 - 11/19/12 05:56 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
RR Joker Offline
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RR Joker
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The Swamp
Still doing this in GA.
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#1841173 - 08/09/13 03:47 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
sunny1 Offline
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Joined: Feb 2013
Posts: 6
New Orleans, LA
Is there anywhere I can find guidance that states this is acceptable. We are getting these policies and the bank is talking about requiring the borrower to go out and get a separate flood policy. THANK YOU!!!!

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#1841186 - 08/09/13 03:56 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,269
Galveston, TX
We are getting these policies

What policies - mobile home policies that include flood insurance??? Unless you have a reason to reject the private insurance, why would you do that?
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#1841193 - 08/09/13 04:02 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
sunny1 Offline
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Joined: Feb 2013
Posts: 6
New Orleans, LA
Sorry- yes a comprehensive mobile home policy that includes all structures.

We have been taking these policies but this was recently identified as an issue. I think I can show it is an acceptable private policy then they should be comfortable.

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#1841246 - 08/09/13 05:30 PM Re: Flood Insurance/Mobile Home HELP! nikki_compliance
rlcarey Online
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rlcarey
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Galveston, TX
identified as an issue

By whom? The Biggert bill specifically put new laws in place that says a bank must accept private insurance under most conditions.
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#1841464 - 08/12/13 01:26 PM Re: Flood Insurance/Mobile Home HELP! RR Joker
RR Joker Offline
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RR Joker
Joined: Nov 2002
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The Swamp
Originally Posted By: RR Joker
Still doing this in GA.


Update: State Farm is no longer going to do this here..instead they will be requiring their policyholders to obtain a separate flood policy written through NFIP. I'm thinking this is going to hit some borrowers in the pocket pretty hard.
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Say you'll haunt me - Stone Sour

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