Quote:
Originally Posted by GoinAllTheWay
Not in the case of a condo. The condo board holds the master policy. If proof of insurance is required, it's obtained from the condo board in the form of an insurance certificate.
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Quote:
Originally Posted by 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.
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Just like bizaro, my mortgage lender required both the condo board insurance and my own insurance as conditions for financing.