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The Office of General Counsel issued the following opinion on April 7, 2008, representing the position of the New York State Insurance Department.

RE: Required level of flood insurance for a mortgage.

Question Presented:

May a licensed New York mortgage banker require a mortgagee to obtain and maintain flood insurance in an amount greater than the balance of its mortgage, or, if less, the maximum coverage available?


This issue is addressed by New York Real Property Law, and concerns mortgage bankers, who are regulated by the New York Banking Department. Accordingly, the Insurance Department recommends that one contacts the New York Banking Department for guidance.

For further information, one may contact Senior Attorney Susan A. Dess at the New York City office.


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