Can a bank change flood insurance requirements? and World Bank Group President Jim Yong Kim and IMF Managing Director Christine Lagarde at the Development Committee Meeting

Can a bank change flood insurance requirements?

I closed my loan with bank a, their policy is to have enough flood coverage to cover current mortgage balance. Bank a immediately sold my mortgage to bank b. Their policy is enough coverage to cover replacement cost. So instead of my flood coverage going down every year it goes up. Can they change the coverage requirements?


bank best answer:

Answer by Ariaread
Yes and it is the result of the Government meddling that is causing us to buy MORE coverage.
In some areas the Government has Reworked the maps and now homes are in a flood zone for the first time.

bank

World Bank Group President Jim Yong Kim and IMF Managing Director Christine Lagarde at the Development Committee Meeting


Image by World Bank Photo Collection
October 12, 2013 - Washington Dc., 2013 World Bank / IMF Annual Meetings. Development Committee Meeting. Photo: Simone D. McCourtie / World Bank Photo ID: 101213-DevCom138F

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