One of my best friends owns a lot in the Outer Banks of North Carolina. He bought it as an investment; no comment on the wisdom of that investment. The only thing on the lot, other than scrub-grass and sand, is a small sign with his name and home town.
Bank of America holds the mortgage; payments are up to date (said friend is anal about paying on or ahead of time).
My friend just got a letter from Bank of America that they 'require flood insurance equal to the value of the improvements'. I offered to write a letter, freebie, in my calm, quiet, Rossiferous manner, asking just which 'improvements' should be insured, and for how much?
He's self-insured on the sign.