CB Banks Wells Fargo flood insurance requirement

Wells Fargo review: flood insurance requirement 7

FLOOD INSURANCE HOLDER of HOMETOWN, US

Apr 12, 2010 12:00 pm EDT

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Wells Fargo Mortgage Company, its officers and employers are incompetent. Why? Wells Fargo requires flood insurance to match your home owners insurance (fire & theft) up to $250.000. However they state in their own documents, that flood insurance needs to be sufficient for replacement cost coverage. As a result of their incompetency, individuals are carrying FEMA flood insurance higher than replacement cost coverage. This is wrong and Wells Fargo Mortgage Insurance practices must stop. Please help in this effort by having your flood insurance reduced only to replacement cost coverage and as such save on FEMA flood insurance premiums.

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PEAParty- Paid Enough Already

Roswell, US

1 comments

PEAParty- Paid Enough Already of Roswell, US

Apr 19, 2010 2:28 pm EDT

Verified customer

Wells Fargo just sent me a notification that my house had inadequate amount of insurance. $1300 a year wasn't enough for them.
I just refinanced my house, my last lender (who I did not like either), they allowed my to take coverage at 80% of the dwelling. Wells Fargo is forcing me to pay 100% of the dwelling. The insurance is more than double my home owner's insurance ... what a crime.
I can't understand how government can enforce this type of insurance upon us. If the government is complaining about people being forced to buy health insurance. Then we should we be forced to buy Flood Insurance.

stew7504

Smyrna, US

1 comments

stew7504 of Smyrna, US

Jun 30, 2010 5:13 pm EDT

Wells Fargo had sent me a letter requiring me to take out flood insurance . I have sent them documentation proving I was not in the flood plane. I have resend this information repeatedly. I even got a 2nd survey done and sent information to FEMA. Wells Fargo has created an escrow account and is not billing me over a thousand dollars for insurance. My own homeowners insurance told me that I could have flood insurance for only 230.00 a year because I am not in the flood plane, further my own insurance advise me against taking it out since I am not in the flood plane. I have only 6 years left on this loan, but am seriously considering refinancing just to stop doing business with them.

Joe Shoemaker

Lambertville, US

1 comments

Joe Shoemaker of Lambertville, US

Sep 10, 2010 9:36 am EDT

We received the flood insurance notice from Wells Fargo 6 months after my mortgage company sold to loan to Wells Fargo. My insurance agent, appalled by the increase in cost of the flood insurance from $770 to $2350, suggested that we ask the original mortgage company to re-new my refi. They are! I explained why, and they agreed.

SeanSolo

1 comments

SeanSolo of US

Sep 27, 2010 2:52 pm EDT

Verified customer

Wells Fargo stuck it to me with this as well after my mortgage loan was eventually transferred to them. None of the banks that took over my loan prior to Wells Fargo had any issues with my flood coverage. What makes Wells Fargo so special? My current flood insurance provider has a 30 day waiting period for increases in coverage, so I will miss the deadline that Wells Fargo gave me. I'm sure that's going to cost me a lot. I can't believe they can get away with such a scam. Isn't there any way of fighting this?

David Reed

Fort Myers, US

1 comments

David Reed of Fort Myers, US

Jan 04, 2011 3:45 pm EST

I agree since my mortgage switched from wachovia to WF I have had nothing but problems! They are trying to make me carry more insurance then what is required. Thank god I have Allstate and they are fighting them for me. Have your insurance company contact them and do a replacement cost annalist. Their letter state replacement cost or loan value, not both. They want me to carry more then what I owe on the loan! This should be illegal!

jameswelch78

little suamico, US

2 comments

jameswelch78 of little suamico, US

Jun 23, 2011 12:46 pm EDT

Verified customer

Nichols Kaster out of minnesota is handleing the lawsuit on this matter contact them if u have wells fargo or bank of america the class action is called morris vs wells fargo, we have faxed our documents there and they are accepting anyone who has this problem. and further info please reach me at jameswelch78@yahoo.com but suit was filed in april so time to get on board for everyone who is being mistreated by wells and FEMA FEMA underwrites every flood insurance policy in the nation this is there plan to pay thier 20billion dollar debt through insurance premiums.

jameswelch78

little suamico, US

2 comments

jameswelch78 of little suamico, US

Jun 23, 2011 12:49 pm EDT

Verified customer

check this out about fema woner how free this country really is
http://www.youtube.com/watch?v=W43-MaenmD4&feature=share

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