Chase added Flood insurance without my knowledge

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PostPosted: Tue Dec 04, 2007 1:24 am   Post subject: Chase added Flood insurance without my knowledge  

today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about


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crazynana27
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PostPosted: Tue Dec 04, 2007 6:45 am   Post subject:   

The mortgage insurer can obtain flood insurance on your behalf if the property lies in the flood prone area and will bill you for the amount. Its done in order to secure the lien on the property. Its quite a normal practice on the mortgage insurer's part.



Damages caused by flood water aren't covered under the typical homeowners policy. Therefore, in order to protect your property you may need the special flood insurance offered by the NFIP if you are residing in the flood prone area.


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Copycrazy
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PostPosted: Tue Dec 04, 2007 6:57 am   Post subject:   

Do you live in the flood plain? Or have moved to the flood plain from other place? If the answer is yes for any of the above questions, then you probably know the reason too.



You can check out with the Flood Insurance Rate Map to know whether the property is lying in the flood area or not. You can also find out the rate of the flood insurance in your area from their report.



Quote:
Its quite a normal practice on the mortgage insurer's part.




I guess not. At least you'll be intimated about the requirement. If you disagree with the amount or fail to obtain it for yourself then the insurer will take the policy on your name and the premium amount will be taken out form your escrow account.



Flood insurance can put an extra burden on you because of high premium. Therefore, I would rather suggest that you have a discussion with your carrier to find out the actual story.

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Dazzlingdiamond
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PostPosted: Tue Dec 04, 2007 7:25 am   Post subject:   

Quote:
today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about




Have you enquired with your carrier? They might have an explanation for this act.



Which state are you from? Is flood insurance a requirement in your area?



I agree with DazzilingDiamond, referring the Flood Insurance Rate Map is a good idea. For more information you can also check out with the following site.

http://www.fema.gov/plan/prevent/floodplain/index.shtm





Thanks,

Carol
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PostPosted: Thu Jan 17, 2008 11:55 pm   Post subject: Chase imposing flood insurance requirement above mortgaged $  

SunTrust does not require flood insurance above the mortgaged amount. Chase purchased my SunTrust mortgage and then informed me I need to have 80% flood coverage for value of the property. I told Chase that changing the term of a purchased mortgage was unlawful. Their response was that it is their policy to require the value coverage. I reiterated that their policy requirement constituted a change in the terms of my original mortgage and was not legal. My next move is to file a complaint with the Banking and Insurance division in my state. Then I will re-finance with a company that hasn't adopted FEMA's suggestion (for FEMA's bottm line only, and to what end except buffering bureaucratic ineptness) and doesn't sell off their mortgages.


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JKL
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PostPosted: Sat Jan 19, 2008 10:10 pm   Post subject:   

I don't think that flood insurance is a bad idea even if you are not in a flood zone, a lot more is covered under the flood insurance than we realize. It is not typically offered and will save you a few bucks but in the long run you are better off having it.

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PostPosted: Tue Jan 22, 2008 4:09 am   Post subject:   

if you don't live in a flood zone though goodnatured, it is unnecessary to pay for flood insurance. I would call them up and ask what the hey?

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PostPosted: Wed Mar 19, 2008 12:13 am   Post subject:   

Everyone lives in a "flood zone". The question is do you live in a Special Flood Hazard Area. These are the areas in which flood insurance is mandatory. It is not correct to say that if you are not in a SFHA that flood insurance is unnecessary. Many non SFHA areas are prone to flooding and a preferred risk policy is cheap and can really payoff for many people even though it's not required.


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GB
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PostPosted: Wed Mar 19, 2008 5:32 am   Post subject:   

You need to find out if the zone your home is in changed. FEMA is always re-evaluating the flood boundaries and they could have changed between the time you originally obtained your mortgage and when Chase bought it.



If the zone changed while you were with Suntrust, they may not have caught the change, but generally when a company buys a mortgage, they will check it.



Once you determine what zone you are in, then you need to look into the costs of the policy. If you are in the 100-year zone, you still have options.



You can have an elevation certificate drawn up by a qualified surveyor. This is a certificate that will ouline all of the elevations of your home in comparison with the base flood elevation. If the top of your foundation sits 6 inches or more above the base flood elevation, you generally see the cost of the policy drop dramatically. This can be common when the home sits near the edge of a 100-year flood zone and the home itself sits high compared to the land around it.



Chances are, if they found you were in a special hazard area, they obtained the policy without a certificate, assuming the worst case scenerio.



I have not dealt with a mortgage company yet that requires flood insurance on a home that is not in a special hazard area, so before crying foul, just have a local agent check the zone for you.

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PostPosted: Tue Apr 13, 2010 2:20 am   Post subject: flood insurance  

We received a copy of an expensive flood insurance policy that Chase purchased in our behalf. We already paid our annual flood insurance to our insurance company beginning of the year. Are they not required to notify the mortgage company that the flood insurance policy was paid and re-newed?


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TexasGal
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PostPosted: Mon May 03, 2010 12:09 pm   Post subject:   

Please take up the matter with Chase right away and show documentation of the flood insurance premium youÂ’ve already paid up. This seems to be an administrative error.

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PostPosted: Wed Jun 09, 2010 12:34 am   Post subject: Chase Flood insurance  

My condo pays for flood insurance at 80% ( the federal requirement). Chase has decided to require 100% replacement cost. The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year. If Chase making a profit? and don't they have to give me time to find flood insurance ?

Rosa


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PostPosted: Thu Jun 10, 2010 11:11 am   Post subject:   

Quote:
The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year.
Quote:
and don't they have to give me time to find flood insurance ?
I'm sure they HAD to have sent out a letter or two giving you 'x' amount of time to get your own policy and prove this to them. Ask them...they will have a copy of what they have sent...This is a HUGE difference in premium...If I were you I'd get to finding my own coverage, and quick, then contact them, send them the binder or dec page whatever they need to cancel their policy (your agent can do this for you).
Quote:
If Chase making a profit?

Rosa
Something isn't right here...I would expect their 'forced' coverage to be higher but not that much..You need to get on this ASAP or continue paying this HUGE premium.


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PostPosted: Tue Jun 29, 2010 5:43 pm   Post subject: Chase Flood Insurance  

After owning my condo for 3 years Chase bought a very expensive ($2500 per year) flood insurance without my knowledge. They claimed to have warned me but I never received other letters. After sending them the condo flood insurance they told me that I would receive my money back in 3 weeks. When this did not happen they said the insurance was still active and they would cancel it and refund the years cost. Ten days later the policy was still active. I called my buddy, a Chase executive, and the policy and partial refund were isssued same day. You need to stay on top of this department. I would have gotten a bill next year as well if I hadn't been so vigilant.

The same thing happened to a friend of mine at the same condo. We found out that Chase already had the insurance on file later.


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Dr. B
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PostPosted: Mon Jul 19, 2010 2:09 pm   Post subject: chase bank and flood insurance  

I bought my house 12 years ago and my loan was with Bank One. But Chase bought them out. My house is still in the same place it was since 1923. I wasn't in the flood zone than and I'm still not. My house is 40 feet above sea level (on a hill) and if my house floods we better have an ark. But chase took out flood insurance on my house with out my knowing for $250,000.00, replacement is only $86,500.00 that's $2652.00 a year and $221.30 a month for something I don't need. I never got any paper work or signed any papers for flood insurance. If they can just start charging for flood insurance with out your okay were does it end, what will they make us start paying next. I hate chase bank you can never get a staright answer out of them. But first you need to find someone to speak english. I paid my May payment for the full amount. Half way through the month I get a letter and phone calls that I didn,t make a payment. They took my principal amount for flood insurance. So in June I made that payment and another may principal payment. Again middle of june another letter and phone calls 3 to 4 times a day everyday, I was still late on my principal because they keep taking my money for the principal of my loan for flood insurance how that right. In July I had paid the principal for may 3 times and June 2 times July 1 time and paid another $265.00 to caugh up may and june. This is really wrong. And I had to get my homeowners insurance to take out flood insurance on my house, He knows I wont flood. But now Chase wont pay me back $663.90 I paid in to flood insurance. That money wasn't was part of my loan but that's were they put it. I don't understand how this bank can keep screwing us out of our money?


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