Forum Discussion
navybanker
Aug 31, 2017Explorer
Not sure insurance is going to cover a "flood" loss unless you have Federal Flood Insurance. We learned this during Katrina on a time share in Gulfport. Could be a major problem for home owners as well. The federal flood plain maps may not indicate a flood area for a 500 year flood! Lenders are prevented by federal law to loan on improved property in a flood zone without Federal Flood Insurance. It could be years in court to prove what caused the loss, wind or flooding. Been there done that as a property owner and banker.
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