You must obtain the correct amount of flood insurance at the time a loan is made, increased, renewed, or extended. If you obtain the correct amount of contents coverage at the time of the MIRE event, then the contents coverage does not need to be re-evaluated until the time of the next MIRE event.
The language of the security agreement lists the items included in the collateral. If there are no such items in the building, or if such items cannot be insured (please note that pretty much any type of personal property can be insured) then contents coverage would not be needed.
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Learn more about Jack Holzknecht’s webinar Frequent Flood issues