Increase in Flood Coverage

Posted By: dac

Increase in Flood Coverage - 11/07/12 06:19 PM

The Bank did a Mortgage to purchase a Commercial property in 2007 for $292,000. The R/C was $475,000 and Coverage $444,000. We pulled a new search and noticed there is a new loan in a second lien position for $222,000 that was made in 2008. Do we need to get additional insurance if the Coverage is still at $444,000?
Posted By: rlcarey

Re: Increase in Flood Coverage - 11/07/12 06:31 PM

If you don't have the second lien, it is not your problem.
Posted By: dac

Re: Increase in Flood Coverage - 11/07/12 06:34 PM

Thanks