We have an 8 unit condo property that is ORE. The bank has flood insurance on the entire property. An employee purchased one of the units and purchased a flood policy on the contents. My question is, since the bank has a policy on the whole building, does the customer need the content coverage?

Thanks

It's very unlikely that your policy covers the contents of any of the units. Your flood insurance would only cover the building itself.

Let me reword it. In a condo, is the contents coverage required, or is it optional for the borrower?

By regulation, the bank only needs to require flood insurance on whatever is the collateral. The contents are probably not collateral of the banks. Now the internal bank procedures may be more strict than regulation so review of the bank requirements would be recommended. In my opinion though if there is no bank internal requirement content coverage is optional of the borrower. I recommend though the borrower review closely what is actually covered by the building insurance as a lot of times this does not cover from the studs of the wall in or the contents on a condo.