Consumer complaint received 2016-06-16
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: BB&T CORPORATION (FL)

I refinanced my mortgage with BB & T in XXXX. Previously my mortgage was held by XXXX XXXX XXXX. Yearly, XXXX XXXX XXXX would send a threatening letter telling me that I had to increase my flood insurance to match the coverage of my homeowners/windstorm insurance. Initially, I did increase it, but a class action filed against XXXX XXXX XXXX resulted in the bank changing its practices. In subsequent years after the suit, XXXX XXXX XXXX would send me a waiver to acknowledge the discrepancy, which I would sign and return. 

I have lived in my home since XXXX, XXXX : 44 years, 4 months and I have NEVER filed a flood claim. I survived XXXX and other catastrophic storms. Not once have I had damage to my home due to rising water flooding. This is the only type of flooding covered by the Florida flood insurance policies. I live in a flood zone, but my home is on a ridge in that zone. In XXXX, I paid for an elevation certificate to prove my elevation. Due to this certificate, my flood insurance dropped drastically from over {$1000.00} to somewhere around {$300.00}, yearly. The point of this explanation is the only way I will have rising water flooding is in the event of massive storm surge due to a hurricane. In which case I would file claims with both my homeowners/windstorm and the flood insurances. This year there is almost XXXX of insurance coverage to protect my home. ( {$190000.00} of homeowners /windstorm coverage and the proposed {$170000.00} of flood insurance coverage ) The current balance on my mortgage is {$130000.00} Last week I received a letter from BB & T stating that my flood insurance does not match my home owners/windstorm coverage and that if I do not increase the flood insurance, they will force place a policy in the amount {$21000.00}, at their expense ( the difference between the XXXX policy coverages ). I called BB & T XXXX XXXX, XXXX and requested to speak with a supervisor. The young lady I spoke with assured me she would be able to assist me with the issue, but after the above explanation, she said I would have to increase my flood insurance coverage or the force placement would go into effect. I asked to speak with a supervisor. She said the answer would be the same, I insisted, and she said a supervisor was not available, nor was a senior advisor and I would have to wait until XXXX XXXX for a return call. 

I did receive a phone call from XXXX XXXX ( I believe she is a senior advisor in the insurance department ) at BB & T at around XXXX XXXX. today, XXXX XXXX, XXXX. I repeated the problem detailed above. She did say the requirement for the homeowners /wind storm insurance was that I only had to have enough insurance to cover the amount of the loan. If I wanted to decrease the amount of homeowners/windstorm insurance to equal the amount of flood insurance that would be acceptable, but the XXXX coverages did have to match. I still have not been able to speak with a supervisor. I asked to speak with someone higher up in the company that would be able to give me a waiver. She told me no one has the authority to give waivers as they do not give waivers. Another compromise XXXX XXXX XXXX suggested was that if I could get the flood insurance company to state, on the declaration page, that the {$170000.00} was the replacement cost of the home and to provide the elevation, BB & T would accept that documentation and they would not force place the additional flood insurance. Neither of these suggestions make sense to me. 

I will include the following : The letter from BB & T, my current declaration pages from both insurance policies, the elevation certificate, the proposed XXXX flood coverage, and the flood zone map showing my property. 

I am selecting the " making payments '' category below but none of the categories really fit my issue.