Did you receive a flood insurance disclosure when you were applying for the loan informing you that your property was 1) in a flood zone and 2) in a community participating in the National Flood Insurance Program? If you didn't, this is a violation on the part of Chase - they are required to maintain a signed copy of this disclosure in the event you or they are unable to produce it.

The way the process is supposed to work is that the lender determines the property is in a flood zone, informs the loan applicant through a specific disclosure, close the loan only when it's determined that sufficient flood insurance is on the property, and ensure that proper insurance is maintained for the life of the loan. If at any point during the life of the loan the lender determines that the property is either uninsured or underinsured, they must force place insurance, but they need notify the borrower give him/her 45 days to obtain proper insurance before doing this - forced place insurance is much more expensive as indicated by jklm.

Flood insurance is a hot-button topic nowadays and lenders are getting fined left and right for violations, which is why all lenders (especially national ones like Chase) are looking to make sure they are covered.

Just my two cents - I bought a condo here on Ogden in the Heights last June after renting in Hoboken for a few years, and living on the Western Slope for a few years before that. Overall, I love living here so far - have no problems with parking, people are great, easy to get to everything, etc. There are definitely some rough spots, but nothing you shouldn't be familiar with coming from a city environment. I second the Corkscrew - good music, good people, cheap beer. Good luck!