April 21, 2012 at 12:45 am EDT
#2784
jholzknecht
Keymaster
I have discussed this issue with a number of lenders around the US. In lieu of a hazard policy they get a letter, similar to a guaranty, from the church elders that states that the church will rebuild or repair the house if it is damaged. This letter will not work for flood insurance; FEMA does not provide any exceptions for this scenario.