Thread Options
#2223444 - 10/09/19 05:54 PM Insurance amt at renewal
MyKidsMom Offline
Platinum Poster
Joined: May 2004
Posts: 635
We have a customer who's flood insurance is up for renewal in a couple of months. The loan is not. He wants to drop the amount of the coverage to the current outstanding principal amount. Is that permitted or do we need to make him keep it at the original loan amount?

Return to Top
Flood Compliance
#2223447 - 10/09/19 06:18 PM Re: Insurance amt at renewal MyKidsMom
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,455
Bloomington, IN
As long you meet the minimum coverage requirements under the regulation that would be your option based on what you see your risk to be.
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top