We only require the minimum level of insurance required by flood regulations (the lesser of....). We are considering having the customer either sign, or simply providing it to them, a notice indicating that if they insure for less than the full value of their property, that their equity may not be protected.
Thoughts on this? Is anyone else doing this? As a policy, what do you require borrowers to provide in coverage?
Thanks.
_________________________
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.
CRCM