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 Posted: Thu Mar 20, 2008 3:58 am Post subject: flooded home |
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my house was washed away by a flood on the white river in arkansas yesterday. my flood insurance only pays 30k and 10 k for contents. will i have to pay the balance of 100k to the lender?
rick
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rick a
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| Posted: Thu Mar 20, 2008 6:48 am Post subject: more info.. |
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| Quote: | | my flood insurance only pays 30k and 10 k for contents. |
Is this the maximum that your policy talks of? Or is it that amount that you've arrived through a settlement offer? Please provide some more information.
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BullguyLamano
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| Posted: Thu Mar 20, 2008 7:27 am Post subject: some chances.. |
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Hi,
This most important task for you to do right now is to take a closer view of what is included in your policy & what is not. Go through the declarations page, check the coverage categories, the dollar limits. In doing so - make sure that you take a look at the 'endorsements' that are applicable to your policy. (Again, in this case you need to be absolutely careful about relying upon the carrier or the adjuster set by them.)
Usually, the coverage limits are meant to suffice any protection that you may need in the event of a flood at the place that you are residing in . There are some policies, which have some clauses known as the 'extended replacement' or the 'guaranteed replacement'. Now these clauses might just show up a provision which would allow your coverage limits to increase beyond the limits depicted at your declarations page under certain severe conditions.
It is better that at this juncture you would share your thoughts with your neighbors who might have faced the same fate as that of yours. You'd also find out those of who are with the same insurance co. that you are with. Under such circumstances people experiencing the same things might just come up with good clues that lead to a fair settlement.
If you have already maintained an itemized estimation of the belongings separately, which might come in handy while settling your claim. Inform us regarding your case proceedings, in order to let us share & know more from your experiences.
Regards,
Ins-balance55
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Ins-balance55
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| Posted: Thu Mar 20, 2008 10:35 am Post subject: |
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Good morning Rick and welcome to the community I'm so very sorry about this...
How is it that your flood insurer could not or did not write your dwelling for it's full mortgaged amount? I'm stumped...though that was the minium? Or did you possibly take out a second mortgage, or refinance getting additional funds AFTER the flood policy was written When did you get the flood ins..From what carrier, also please answer the questions re: the financing we'll do all we can to assist you.
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Lori
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| Posted: Sun Apr 03, 2011 3:30 pm Post subject: Chase Home Finance & Flood Insurance |
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Chase has acted in a high handed and very unprofessional manner regarding requirements for flood insurance. I've been dealing with them for months on this issue. I have paid my mortgage, taxes and homeowner's insurance and they threatened to foreclose on my property because I fell behind on the exhorbitant premiums for flood insurance I do not need. The policy and coverage they offer is very bad and doesn't cover losses to all of the vital home components such as heating systems, water heaters, appliances or stored items at the basement level. It has cost me nearly $6,000 for losses that would only occur if a tsunami occurred and the chances of that are slim to none. In fact this insurance protects you against a 1% chance of flooding in the next 100 years............now that is a total ripp-off.
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Kenneth R Castle
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| Posted: Wed Apr 06, 2011 3:56 pm Post subject: |
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| Quote: | | I fell behind on the exhorbitant premiums for flood insurance I do not need. |
If your loan is guaranteed by GNMA/FNMA/FHA, and your property is located in a mapped flood zone, you are required under FEDERAL LAW to obtain the NFIP coverage. You are not required to obtain the coverage from your lender, but they are required to obtain it if you don't.
You cannot be foreclosed for failure to pay the flood insurance premium if you are current in your mortgage P&I, taxes, and HO insurance impounds, but they can take you to Civil Court and get a judgment for the unpaid premiums and an order forcing you to pay future premiums.
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MaxHerr
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