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A question we received from a member:
Would flood insurance be necessary on contents/personal property if we do not have a lien on the property, and only took a security interest in the contents/personal property, and the contents are in a flood hazard area.
An example would be where we only have a lien on equipment, but not on the building, which is in a flood hazard area.The reason I ask is because of a FDIC newsletter that came out on the topic.
We are afraid that we might miss this requirement, if it is indeed required, because a flood hazard determination is not pulled since there is no real estate involved.
If you could advise, that would be great.
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