CITIMORTGAGE Citimortgage requires EXCESS flood insurance at your expense St. Louis Missouri

BEWARE OF CITIMORTAGE
Citimortgage is the mortgage servicer on my home loan. They just took it over from the previous mtg. servicer. My outstanding mortgage is approx. $70,000 and my home is worth approx. $190,000. I currently carry $90,000 of flood coverage thru the National Flood Insurance Program. My current flood coverage is $20,000 more than my mortgage payoff amount.

Citimortgage arbitrarily raised my flood insurance to $154,000 and sent me a bill for the premiums. Even though they have no exposure above my outstanding mortgage should my home flood, they insisted I carry flood insurance equal to 80% of my homeowners insurance. Their explanation is they just want to protect me, even though the National Flood Insurance Program does not require me to carry the excess insurance.

Citimortgage had an insurance agency they work with place the excess insurance on my home, at the highest rates possible. I have asked Citimortgage to provide me with proof they have the right to force me to over insure my home and they promised they would on 3 different occassions, to date they have not provided that proof and refuse to remove the additional insurance on my home or waive the premiums they insist I pay.
I've stated to Citimortgage I would never pay the additional premiums and I was informed they would simply never release the lien on my home, even if no mortgage, until I pay the premiums.

If I drop my homeowners insurance to my outstanding mortgage amount of $70,000 then Citimortgage would not require any additional flood insurance. So they are telling me that if I under insure my home for fire, theft and so on, they will not requre me to over insure for flood insurance. This is stupidity at it's finest. Why would Citi force me to under insure my home if they just want to "protect me".

Citi should be ashamed of themselves and this corporate policy. They will force you to carry insurance you don't want and that will cost you thousands of dollars. Remeber they have NO interest in the excess insurance.
Find a mortgage company that will not as a slave to their corporate bulliness!

Nancy
Florence, Colorado
U.S.A.