Posted on: 15th Dec, 2009 12:17 pm
What if you don't pay your flood insurance. WHat can the bank do.
You will have a requirement under the mortgage to have the property insured. If you cancell your cover you are in breach of this contract. If your lender fiinds out they will either force you to take insurance through their channels and add the premium to your mortgage payments, or withdraw the finance on the house, forcing you to sell.