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Flood Insurance on Outbuilding/Shed Tenant Owned

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  • January 10, 2022 at 1:35 pm EST #35992
    afaust
    Keymaster

    Question: The situation, a loan on a mobile home park; the person who rents the lot and owns the manufactured home (not used as collateral) puts an outbuilding/shed on the lot. If the land is in a positive flood zone, would flood insurance be required on the outbuilding/shed?

    • This topic was modified 1 year ago by afaust.
    January 10, 2022 at 1:36 pm EST #35994
    afaust
    Keymaster

    The loan is not a designated loan, it is not secured by a building or a mobile home, therefore the flood regulations do not apply to the transaction.

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