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We are in the process of applying for a home equity line of credit for 50,000. We have home insurance, over a million dollars but do not have flood insurance. We DO live in a flood hazard zone, Atlantic CIty NJ, but never had acclaim for flood damgage, even after super storm Sandy. What amount of coverage do I need? If I read the compliance requirements for loan/ flood insurance correctly, the amount of required flood insurance is the a amount of the loan?
Richard, Atlantic city new jersey
April 14, 2015 03:55:42 PM
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In reply to Richard, Atlantic city new jersey
We appreciate you stopping by TD Helps, Richard.
Although TD Bank is not an insurance provider, we are happy to point you in the right direction to obtain the information you're looking for.
As Flood Insurance requirements are actually Federally regulated, we recommend reaching out to your insurance provider as they would be able to best assist you with the Flood Insurance requirements for your home. As your particular requirements may change if you're looking to apply for a new Home Equity Loan or Line of Credit, your provider should be able to go over any requirements and/or changes to your policy that may be necessary.
After contacting your insurance agent, you may call our Financial Solution Group (FSG) which is available 24/7 at 800-937-5020 to apply for loan with us. Or, you can apply online here: http://bit.ly/JLMRHg. As always, you could stop by a TD Store location to complete an application as well. Please find the Store closest to you here: http://bit.ly/1f9DSJR.
Let us know if you have any other questions and have a nice day.
Megan K, Mount Laurel
April 14, 2015 03:56:49 PM