Insure Your Condo for Fire & Flood
Why should I get fire and flood insurance for my condo/townhome? One of the eternal mysteries in real estate is the fact that lenders don’t always require condo and townhome buyers to show proof of home insurance before they close. Nor do they generally require that the property be insured after closing. In contrast, when you buy a single family home, the lender insists on both. This is because if the house burns down they know they will lose the collateral they have for their loan. They also know that most home buyers won’t be making $2000 a month payments
December 15, 2011