flood insurance requirement
Citizens bank is requiring flood insurance on my 2nd floor condo. Its ridiculous, considering that I don't own the building, I own the condo, where the floor is 15 feet above anywhere that would flood. Anyway, Citizens wants me to buy flood insurance for the replacement cost of the condo, which is $131,000. I only have $38,000 left on the loan, and the property is probably only worth $50,000. Can Citizens get away with this!? The cost of this insurance is going to be $1200/year. Maybe I don't understand something here. My neighbor received an annual flood insurance quote for his identical condo for $150/year. My insurance broker came back with a quote of about $850/year, just to cover a $38,000 loan. Has anyone else been through this? Thanks! Keith