[bizaro86]

I've had mortgage lender demand my own insurance, and another at the same bank be satisfied with the condo board's insurance. I think it mostly depends on the education of the underwriter.

I still recommend it, primarily for liability. I had a condo board change the deductible on their policy to 30k without telling the owners. Then my tenants alledgesly left a window open, bursting a pipe, damaging the three suites below.

I had required tenants have insurance, which they had. But the condo board refused to deal with their insurance company, and put a lien on my property. My insurance company eventually paid 25k, which was the limit on my policy. I had to pay the deductible and the 5k overage.

There was some discussion of going after the tenants insurance to pay, but nothing ever came of it.