Hazard Insurance includes Flood(M/H)---HUD

Posted By: La. Lady

Hazard Insurance includes Flood(M/H)---HUD - 03/08/12 03:39 PM

We have a loan with the property in a flood zone. The insurance for Flood is combined in the Hazard Insurance with one total amount.

When listing on the HUD...is the Hazard Insurance itemized to show the amount for Flood or should it be as one total amount as indicated on the policy.

We have a HUD that has listed the Flood separately from the Hazard.....

The Escrow Analysis didn't break it down that way. It shows the entire amount under Homeowners.

Now what?
Posted By: RR Joker

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/08/12 04:41 PM

Since it's billed together, I think your escrow is okay. That's what I THINK anyway!
Posted By: La. Lady

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/08/12 06:03 PM

Okay...so you think that it should be broken down on the HUD
or that it can be done either way on the HUD
Posted By: RR Joker

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/08/12 06:06 PM

I would think either way. The insurance company name is the same and it's billed as one total policy. If it's itemized out, then I'd think you could go either way.

Since 903 is hard-coded as "homeowner's", if you can break it out between homeowner's and flood it would make the most sense, I think.
Posted By: rlcarey

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/08/12 06:25 PM

I guess I would question any hazard/flood policy that is billed as one total policy. How did you arrive at your proof of flood insurance?
Posted By: La. Lady

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 02:58 PM

We looked the policy
Posted By: Dan Persfull

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 03:17 PM

Originally Posted By: rlcarey
I guess I would question any hazard/flood policy that is billed as one total policy. How did you arrive at your proof of flood insurance?


Randy, from the subject title it appears this is one of those mobile home "combo" policies that are still floating around.
Posted By: rlcarey

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 03:33 PM

I haven't seen one of those for years. I was under the impression that most insurance companies quit issuing them.
Posted By: Dan Persfull

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 03:42 PM

I remember reading something a few years ago where these policies were to be discontinued but from this and other past posts it appears they are still around. I would venture a guess they may be existing policies that were possibly grandfathered as long as they are not allowed to lapse by the policy holder. But that is a SWAG.
Posted By: RR Joker

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 03:52 PM

I still see them around these parts, too, but they may be as you think, Dan...older continuing ones...not really sure.
Posted By: La. Lady

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/09/12 04:43 PM

I had never seen these before....and to this date have seen only 2 of them....one a couple of months ago and now this one.....

Frankly, I'm not fond of them....just sayin'
Posted By: Bagweaver

Re: Hazard Insurance includes Flood(M/H)---HUD - 03/12/12 12:53 PM

They are still floating around in east GA.
Posted By: GenerousLife

Re: Hazard Insurance includes Flood(M/H)---HUD - 06/25/12 07:29 PM

They are very common in the manufactured housing business, especially in the south.
Posted By: Tarhe

Re: Hazard Insurance includes Flood(M/H)---HUD - 07/12/12 07:25 PM

We are being presented with a combined fire/flood policy on a manufactured home - what do you look for to ensure that you have adequate flood on the combined policy? The NFIP manual page GR-14 of May 2011 version states requirements for a certificate of Insurance - is that it? (Things like policy term, number, location, zone, premium?) Would we also need to verify the combined policy meets the 6 criteria for a "private flood policy"? (Licensure, 45-day cancellation notice, breadth of policy coverage, legal recourse?)