Consumer complaint received 2018-01-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Bank of America seems intent on charging us for additional flood insurance coverage on our property that they hold the mortgage on. This is a yearly struggle in which they send us numerous letters stating that the coverage is insufficient and stating that they will charge us roughly {$2000.00} for additional coverage. In the most current year we have been working with the property 's insurance company, XXXX, to supply them with the information since XX/XX/XXXX. While the property ( which is a multi unit resort ) coverage has not changed substantially in the ten years we have owned our condo unit, BofA annually sends us these letters threatening to charge us for unneeded coverage. This past year they have made the process even more difficult. Below is a copy of  the letter I sent them today. 

We have just received the sixth request, dated XX/XX/XXXX, from you for flood insurance coverage on our condo located at XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, HI XXXX. We and our insurance company, XXXX, have supplied you with this information multiple times so far, yet cant seem to satisfy your need to attempt to charge us for additional coverage, which appears to be your goal. These notices date as far back as XX/XX/XXXX, and we have responded to each and every one with the information requested. 

As recently as XX/XX/XXXX both I and our XXXX representative spoke with your department in an attempt to determine what was still needed, and to supply that information. On that date, XXXX faxed you the entire flood policy for the building that our unit is located ( there are three policies in total that cover the entire resort ). I was told by one of your representatives that this was all that was needed, just the policy for the building that our unit was located in. He could not explain why we seem to have had more scrutiny regarding these policies than in years past, when a policy declaration sheet was sufficient to satisfy your department. Not that it hasnt taken months in past years to satisfy these requests, but this year has taken six months to get to this point, and you still arent satisfied. It certainly appears that upselling additional insurance is the goal here. The basis coverages provided by the resorts insurance company have not significantly changed in the ten years that we have been dealing with these annual requests. 

The latest request indicates that the flood insurance coverage is insufficient, and calls for additional coverage at a cost of us of {$380.00}. This is exactly the same request that we received in a notice dated XX/XX/XXXX, and was responded to by XXXX with declarations in early XX/XX/XXXX. How is it that now we are receiving yet another request? 

This latest request follows another one just received, dated XX/XX/XXXX. In that one your department threatens to charge us {$1900.00} for additional flood insurance coverage. We responded to that exact notice dated XX/XX/XXXX in XX/XX/XXXX as well, and again on XX/XX/XXXX as outlined above.

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 explanation