It seems that no one really likes flood insurance. Customers don’t like paying for it, lenders don’t like requiring it and insurance agents don’t like writing it. That is until there’s a flood. Flood insurance is designed to protect people when mother nature unleashes her fury. While there are a lot of players in the flood insurance game, financial institutions bear the compliance burden. They must require borrowers to purchase flood insurance when they have a loan secured by improved real estate located in a Special Flood Hazard Area. They must ensure the coverage amount is sufficient to meet regulatory requirements and they must monitor the coverage over time and force place coverage if it lapses. This is one regulation that you don’t want to take lightly as the risk of non-compliance is high.
Kevin explains more in the video.
Published
2025/04/07
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
