April 7, 2014 at 11:13 pm EDT
#5689
rcooper
Member
The flood regulation states a bank shall not make, increase, extend, or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance for the term of the loan.
I agree with the information you cited above – if you don’t have a security interest in the building, flood insurance isn’t required.