In the wake of the modern housing crisis, the mortgage manufactures has undergone a number of changes, together with new loan requirements for those purchasing condominiums. Fannie Mae and other lenders now need their borrowers to have interior unit coverage for their condo unit.
Many condo association policies only supply coverage for the construction and coarse areas and do not offer interior unit coverage. It's important for you to check what's covered on the scholar condo association course because these new loan requirements could delay your settlement if you do not have the required coverage in place before closing.
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Loss estimate coverage is important because if the construction or coarse areas of the complex suffer a covered loss and the losses are not fully covered by the scholar policy, the association may correlate a definite monetary number to all unit owners to cover the loss. Loss estimate coverage helps pay for the customer's share of these assessments.
Most condo owners will need to procure what's generally known as an Ho-6 policy that provides interior unit protection for things like drywall, carpeting and personal items from perils such as: fire, lightning, smoke, explosion, wind, hail, icy of plumbing and vandalism. Many policies also contain guest healing protection, further living expenses, house liability, loss from theft and loss estimate coverage.
Providing customers with further protection options is how we create deep, long-lasting relationships with them. This is why it is important for you to form relationships with professionals that are in a position to be lead generators for you and your branch such as Realtors, brokers and local condo builders. Sales of condo assurance can also be a great way for you to heighten your close ratio on auto and other goods lines through the application of many course discounts.
Changes by Mortgage companies growth Need For Condo guarnatee DRYWALL SETTLEMENT
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