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#98944 - 07/20/03 05:38 PM Flood insurance on bank buildings?
Ross Offline
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Joined: Apr 2002
Posts: 22
Are banks required to buy flood insurance on branches if they are located in flood zones? What's the cite for this? Thank you.

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#98945 - 07/21/03 12:05 AM Re: Flood insurance on bank buildings?
Andy_Z Offline
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If you mean under the NFIP the answer is generally no as this ownership wouldn't be a "specially designated loan".

But the reality is, why wouldn't you. Not only is it a poor example, but property in a 100 year flood plain have a 26% greater chance of flooding than burning. You do have fire coverage, don't you!
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