Consumer complaint received 2023-11-08
Company: U.S. BANCORP
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process
Sub-issue: Fees charged

Complaint:
It appears your Insurance evidence department is mistaken on the requirements for flood Insurance as they have not changed since XXXX and XXXX. Please see below information regarding this designation. Only equal to the outstanding principal balance of the loan can be required. Additionally it covers the building only not land as for fixtures or furnishings contained, all have more insurance than the actual contents on each policy as they stand. 
Placing more Insurance value in contents than what is actually in the buildings is over insuring for contents that never could be claimed. 

As the loan principal balance is {$280000.00} The current building coverage at {$1000.00} it is currently insured for XXXX times the principal balance which exceeds the requirements of the loan. 
at this point I have not been given any answers. My Commercial loan statement invoice, has a charge on it which states Replacement XXXX XXXX : {$780.00} which you have told me its for Bldg 1-3 which I have already added {$200000.00} which the total coverage is now : {$500000.00} which is the maximum coverage for anyone policy. 

You have said that addition coverage has been put on for : XXXX XXXX, Additional {$30000.00} Coverage For contents. 
XXXX XXXX, Additional {$32000.00} Coverage For Building. 
XXXX XXXX, Additional {$35000.00} Coverage For Building, and {$30000.00} For contents. 

Who is authorizing This? 
I want answers now. This is Extortion and Illegal. 
SENT TO US BANK ON XXXX It appears your insurance evidence department is mistaken on the requirements for flood insurance as they have not changed XXXX and XXXX. Please see below information regarding this designation. Only equal to the outstanding principal balance of the loan can be required, additionally it covers the building only not land as for fixtures or furnishings contained, all have more insurance than the actual contents on each policy as they stand. Placing more insurance value in contents than what is actually in the buildings is over insuring for contents that never could be claimed. 

As the current loan principal balance is {$280000.00}, The current building coverage at {>= $1,000,000} it is currently insured for XXXX times the principal balance which exceeds the requirements of the loan. 

at this point I have not been given any answers. My Commercial loan statement invoice, Has a charge on it which states Replacement Resv Due : {$780.00} which you have told me its for BLDG 1-3 Which I Have already added {$200000.00} Which the total coverage is now : {$500000.00} which is the maximum coverage for anyone policy. You have said that addition coverage has been put on for : XXXX XXXX, Additional {$30000.00} Coverage for Contents. 
XXXX XXXX  Additional {$32000.00} Coverage For Building. 
XXXX  XXXX, Additional {$35000.00} Coverage for Building, And {$30000.00} For contents. 
Who is authorizing this? 
I want answers now. This is Extortion and Illegal. 
SENT TO US BANK XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief