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Scenario:
Contents of a building is taken as an “abundance of caution” collateral….the building is in a flood hazard area…. but the building itself is not taken as collateral. Would the bank need to require flood insurance on the contents?Flood insurance is required on contents when the building the contents are in is also taken as collateral. If you know the building housing your collateral is in a flood zone wouldn’t you want your collateral insured?
But the building itself was not taken as collateral………….just the contents. Is flood insurance required on the contents?
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