Business loan involved. Business has two locations. Second location not on business loan. Home on premises and business loan. Rented that home until we sold our other home (4 years ago). Approached bank for refinancing and taking home off of business loan and getting home owners mortgage. Bank refused home mortgage. Asked for collateral. Offered commercial property and residential property. Bank refused and would only accept second business location that is not on loan and was rezoned in a flood zone a few years back.
Bank informed me we needed flood insurance at that location and they needed an elevation certificate. Hired an engineering firm. A14 flood zone determined. Insurance agent submitted flood coverage request. NFPI accepted and agent had flood policy done. Bank would not accept and said we must change the flood zone to a V zone? Former Insurance Agent was helping our new Insurance Agent; former agent called the bank arguing with them on their request to change flood zone. During this process former agent was asked to do the policy; he refused. Told the bank he would NOT harm us and work off a falsified document. We raised our concerns every where; even with FEMA.
Due to refinancing needs; we felt we had no choice. Flood elevation certificate was changed. When presented new flood policy and premium; needless to say what a shock in premium difference. $12,702 for one year! We stressed our concerns; knowing it would eat into my profit horribly. Financial records prove how it ran that business location in the red. We knew there was no way we could keep it at this point and put it up for sale. Pending sale; closing date August 2013. Less than a month before the final closing I let the flood insurance lapse after I found out the bank would purchase it. $1,678.77??? I was literally floored. How did they get it so much cheaper? Why and how could they force me to change a determined flood zone that was accepted and pay an outrageous premium?
Bank informed me we needed flood insurance at that location and they needed an elevation certificate. Hired an engineering firm. A14 flood zone determined. Insurance agent submitted flood coverage request. NFPI accepted and agent had flood policy done. Bank would not accept and said we must change the flood zone to a V zone? Former Insurance Agent was helping our new Insurance Agent; former agent called the bank arguing with them on their request to change flood zone. During this process former agent was asked to do the policy; he refused. Told the bank he would NOT harm us and work off a falsified document. We raised our concerns every where; even with FEMA.
Due to refinancing needs; we felt we had no choice. Flood elevation certificate was changed. When presented new flood policy and premium; needless to say what a shock in premium difference. $12,702 for one year! We stressed our concerns; knowing it would eat into my profit horribly. Financial records prove how it ran that business location in the red. We knew there was no way we could keep it at this point and put it up for sale. Pending sale; closing date August 2013. Less than a month before the final closing I let the flood insurance lapse after I found out the bank would purchase it. $1,678.77??? I was literally floored. How did they get it so much cheaper? Why and how could they force me to change a determined flood zone that was accepted and pay an outrageous premium?
