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#2297361 - 05/20/24 07:02 PM Estimated Taxes, Insurance & Assessments-Flood Ins
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Joined: Nov 2008
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In the mountains
When including flood insurance under Estimated Taxes, Insurance & Assessments on the LE and CD, is it ok to mark Other and put Flood Insurance as the description or does the selection for Homeowner's Insurance sufficient to represent both hazard and flood insurance?
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#2297362 - 05/20/24 07:05 PM Re: Estimated Taxes, Insurance & Assessments-Flood Ins Likes to Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,530
Galveston, TX
From the Outlook Live Webinar, October 1, 2014:

Wolf: Are flood insurance premiums included in homeowner’s insurance for purposes of the escrow disclosure and the taxes, insurance and assessments disclosure on the Projected Payments table?

Walton-Fein: Yes, flood insurance is included in homeowner’s insurance. Under § 1026.37(c)(4)(ii), the items included in homeowners insurance are those charges identified in § 1026.4(b)(8). The charges identified in § 1026.4(b)(8) are premium or other charges for insurance against loss of or damage to property, or against liability arising out of the ownership or use of property written in connection with the credit transaction. This would include flood insurance.
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#2297366 - 05/20/24 07:16 PM Re: Estimated Taxes, Insurance & Assessments-Flood Ins Likes to Comply
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Thanks!
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