Quote:
Originally Posted by scramboleer
Hi there,
It was a bit of a hassle getting the paperwork processed with the lender, but the condo association itself has flood insurance so I wasn't required to get individual insurance for my unit. The Orens Bros have been very helpful with regard to this and immediately faxed a copy of the building's flood insurance to my lender.
Cheers,
|
If you go an re-fi or if your file is audited by the lender, you will find that you will need an individual policy. I'm not speculating - I know this as fact.
If you don't have it now, you will need it soon.
Quote:
Originally Posted by Bryson662001
While the building should have it to cover building parts that are vulnerable I wouldn't expect you to need it on your unit unless it is in the basement. If the building had to be evacuated because of a flood would your "loss of use" coverage provide living quarters if your unit isn't actually damaged? Do you have a nice high "loss assesment" amount to cover a building assesment to pay for flood damage?
|
The building has it's own policy but the individual units need to be insured, as well. I know that sounds stupid, but it is absolutely the case.
Quote:
Originally Posted by dirtyfrank
Its a cosmetic dentist office. i think i even saw that there was a plastic surgeon inside. its a huge space that they are still using for construction so i hope there is more than a coffee shop going into the other comercial space. appreciate the response on the insurance question
|
You're getting a little convenience store on the corner, too, I just learned.