Legal Question in Banking Law in California
Can banks or mortgage company dictate amount of insurance that borrower should carry? Example:
Bank is requiring that flood and fire policy match in coverage.
Asked on 7/29/10, 4:52 pm
2 Answers from Attorneys
George Shers
Law Offices of Georges H. Shers
The bank can place whatever reasonable terms it wants for you to qualify for a loan from them. if it is not possible to get equal coverages, talk to the bank about that.
Answered on 8/03/10, 8:54 pm
If you already have the loan, they must comply with the terms of the loan in what they require for insurance, but of course so must you.
Answered on 8/04/10, 12:52 am
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