Flood insurance on bank buildings?

Posted By: Ross

Flood insurance on bank buildings? - 07/20/03 05:38 PM

Are banks required to buy flood insurance on branches if they are located in flood zones? What's the cite for this? Thank you.
Posted By: Andy_Z

Re: Flood insurance on bank buildings? - 07/21/03 12:05 AM

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!