Can our lender force us to purchase flood insurance 3 months after closing?

We closed on our house a little over 2 months ago. We paid to have a flood zone search done for the lender. We were told that we were not in flood zone and we did not have to purchase flood insurance to close. Now after closing my lender tells me we are in a flood zone and it wants us to purchase flood insurance. Do we have any legal grounds for this? We would not have purchased the house if it were in a flood zone. I didn’t seem correct that they could all of a sudden change there minds. The maps have not changed for 4 years. Can they make us get this insurance? What if I don’t pay for it?

Asked on March 5, 2012 under Real Estate Law, New York

Answers:

Hong Shen / Roberts Law Group

Answered 8 years ago | Contributor

Check FEMA website. Punch in your address to find out whether your property is in a mandatory flood insurance zone. If so, each loan company will require you to buy insurance or they will cancel your loan.


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