Can a bank require more flood insurance than the mortgage is worth ...

5:42 pm in Banking insurance by The Broker

I have a 50k equity line of credit. I only owe 17k on it TOTAL. I have flood insurance for 50k but the bank is wanting me to up it to 105K. this would increase my premium to 2500 a year instead of the 650. i am paying now. Is this appropriate? Can I contest it somehow? Any ideas?

Tags: Bank, Flood, Insurance, More, Mortgage, require, Than, Worth

Source: http://www.insurance-center.org/business-insurance/banking-insurance/can-a-bank-require-more-flood-insurance-than-the-mortgage-is-worth/

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