Last week was a crazy one! PNC Mortgage decided to give me forced flood insurance at a high risk rating, which is A5. This made my reinstatement amount skyrocket. The escrow was going to be 2700.00.
This decision was supposed to be based on an annual review of the area and wheither my property is in a flood zone. It was determined that my house is very high risk by someone unknown and I need the top of the line insurance which cost much more.
Question, why didn't this issue come up before? Since PNC Mortgage bought my loan from National City Mortgage two years ago, and this is an annual review. This means it's come up before and no action was taken. The information had been in affect since 1986, before buying the house.
Difficulty is the insurnace companies all said my property isn't in the zone wthat requires A5 coverage. If this was needed, I'd have to pay for an elevation certificate, at a cost of 300.00.
This would provide 250,000 of coverage on a house that's only valued at 117,000. I would only get the maximum of the house's true value if a claim was filed.
Also, Fema stated the policy numbers didn't match their files.
If a claim was filed, I would not be paid by FEMA, who governs the flood policy. I was told I've receive nothing.....PNC would because they have a policy with FEMA, not me
This decision was supposed to be based on an annual review of the area and wheither my property is in a flood zone. It was determined that my house is very high risk by someone unknown and I need the top of the line insurance which cost much more.
Question, why didn't this issue come up before? Since PNC Mortgage bought my loan from National City Mortgage two years ago, and this is an annual review. This means it's come up before and no action was taken. The information had been in affect since 1986, before buying the house.
Difficulty is the insurnace companies all said my property isn't in the zone wthat requires A5 coverage. If this was needed, I'd have to pay for an elevation certificate, at a cost of 300.00.
This would provide 250,000 of coverage on a house that's only valued at 117,000. I would only get the maximum of the house's true value if a claim was filed.
Also, Fema stated the policy numbers didn't match their files.
If a claim was filed, I would not be paid by FEMA, who governs the flood policy. I was told I've receive nothing.....PNC would because they have a policy with FEMA, not me
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