Wells Fargo Mortgage Keep raising or increasing my flood insurance Florence South Carolina

Unfortunately, mortgage companies are confused when it comes to condo and/or flood insurance.  They don't seem to realize that the amount of insurance needed by a condo owner has nothing to do with the replacement cost of the building, itself, which is covered by the master policy thru the condo association.  Normally if the agent for the association can provide Wells Fargo with a certificate of insurance for both the master property policy and the flood policy that should take care of it.  However, you need to find someone at the mortgage company that can understand what this is. 

Wells Fargo is not the only mortgage company that has a problem comprehending.  All of them do.  And the bigger they are the more frustrating it is.  

Your best bet is to have the agent for the condo association issue a certificate of insurance for the property policy and a copy of their flood declarations page and have them send a copy to Wells Fargo and a copy to you as the mortgsge companies never receive the first or second copies.  And, in case you don't know, Wells Fargo has their own insurance agency.  If you took insurance thru their company you might not have as much of a problem either.  I don't know if they write in all states but it's something to think about.       

I am currently going thru the same pain. Wellsfargo just slapped on an additional  lender forced flood insurance for a condo I own to the tune of $3600. I can get the same insurance for $780 from a local agent. Problem is, I have adequate insurance thur the HOA according to the Lawyer at the HOA. He said Wellsfargo has been screwing the customer by making more demands and its all about greed. Well now is not the time to be greedy. In the worst economy ever, with the worst climate job wise, the current crisis and on and on. That is a more than 4 time mark up and its outright criminal. I have tried to resolve it thur customer service at the Flood Hazard department at Wellsfargo. So far I have spent approx 10 hrs with the minions reading off a script and I"ve had it. Right now I am going thur my local branch to go up the flag pole to have this resolved. Someone there should care about their customers. Everytime its a blow off response, and nothing is resolved.

I highly recommend not using Wells fargo under any circumstance to do your mortgage... unless you like being treated like scum and self inflicted pain.

This appears to be an old complaint but I would still like to provide some info.  Flood insurance plains are determined by the Corp of Engineers thru FEMA.  FEMA determines the premium you pay for a particular area so you pay the same no matter which company you purchase it from so there's no way to get a lower rate.  It is what it is.  Sometimes, there could be an error and you may not be in a flood plain at all.  If you have questions you could try calling FEMA at 1-877-336-2627.  Keep in mind that this is another federal government agency so you have to be patient and hope you get a knowledgeable person on the other end of the line.  Since flood insurance is usually pricey you should check to see if any home you want to purchase is in a flood area and think twice about buying it.  This could save you a lot of headaches because every time the value of your house increases under your homeowner policy it must also increase under your flood policy as they need to be the same.

per your aggreement you probaly didnt read @ closing you probaly have to have flood well guess what sherlock everytime your home increasing in value you or your insurance company increasing your coverage on your insurance so guess what that means you insurance coverage for flood has to follow UM...DUH doesnt that make sense!

Hey Dainta, sorry to hear about your flood insurance problem. Unfortunetly, the Flood Disaster Protection Act (i'd google it) states that any building under loan in a flood zone requires flood insurance for the life of the loan (flood zones are determined by FEMA). I would do some research to find out if you are in that flood zone, and if you are, unfortunetly it's just one of the negatives of home ownership. However, I would search for the best insurance prices you can find, as they are normally cheaper than force placed insurance (as credit history may not be taken in to account).