Quote:
Originally Posted by Ducay
Most, if not, all mortgages are going to require insurance be held on the property in case of something like this. Banks aren't going to let their collateral go bye-bye.
edit: If I remember, mortgage agreements generally have a whole section for condos to ensure the condo board and you are carrying proper insurance (specifically fire IIRC)
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I know that, I was discussing a different type of policy. See, if a condo burns down and they decide to rebuild, you are still repsonbile for your mortgage payments, which is a big deal seeing as how it would take 1-2 years to rebuild.
I was asking if there is a special insurance that covers the payments while the condo is rebuilt.