FDIC FAQs – When is contents insurance required?

Compliance > Lending > Flood > FAQs
Q:  When is contents insurance required?
 
A:    Contents insurance is required when:
 
1. Contents are taken as collateral; AND
2. The bank also takes the building where the contents are located as collateral; AND
3. The building is located in a special flood hazard area.
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the FDIC’s Flood Insurance Videos, which were updated in 2016, which may be found here:   https://www.fdic.gov/news/news/financial/2016/fil16018.html
 

Add Feedback