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#586262 - 07/20/06 06:25 PM Flood insurance on condos
goingtoexperts Offline
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Joined: Jul 2006
Posts: 149
A flood insurance policy received from a condo association indicates the policy coverage is "commercial flood". The customer states there are 22 apartments in the building. Ensuring we have or obtain the required amount of insurance, is the "commercial policy" acceptable? This is a home equity loan. Thanks!

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#586263 - 07/20/06 06:41 PM Re: Flood insurance on condos
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Without seeing the policy provisions I'm not sure I can answer this for you, but a condo building is residential property not non-residential property. Your best course of action is to contact the agent or company and discuss the coverage with them.

It may be it's titled commercial because it's sold to an association and not an individual, but that is strictly a guess.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#586264 - 07/20/06 07:10 PM Re: Flood insurance on condos
goingtoexperts Offline
100 Club
Joined: Jul 2006
Posts: 149
Thank you Dan! I have asked for the agent/company to be contacted for clarification. But I did not consider it may be titled commercial because it is sold to an association. That could be the explanation. I will verify, but I do appreciate your response!

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