, but when I refinanced my mortgage, the bank said I had to buy flood insurance because the flood maps had changed. Can the bank require me to buy flood insurance?
Yes. If the bank learns that a flood map revision identifies a structure securing a loan as having been placed in a Special Flood Hazard Area (SFHA), the bank must notify you that flood insurance is required. When a property securing a loan is located in a SFHA, a national bank may not make, increase, extend, or renew any mortgage loan unless that property is covered by flood insurance. At a minimum, the amount of the insurance coverage must equal the outstanding principal balance of the loan. Coverage must be obtained and maintained during the term of the loan.
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