Lender Placed Flood Insurance
Federal law mandates that lenders are responsible for ensuring that all properties in their portfolios are protected against floods. This means tracking the current status of the insurance covering collateral in SFHA (Special Flood Hazard Areas). For this reason, financial institutions have begun implementing lender placed flood insurance.
Lender Placed Flood Insurance provides a way for lenders to acquire flood insurance on properties that the borrower has either failed to get flood insurance or has insufficient coverage. Through J.T. Miller Company, your institution can offer lender placed insurance for properties in a SFHA. Our lender placed insurance program can help you satisfy compliance regulations in relation to flood insurance requirements.
For free quotes on the flood insurance programs contact one of our helpful agents at 763-512-1950.