WALLS IN COVERAGE now REQUIRED on Condo Master Insurance Policy!!!

FANNIE MAE / FREDDIE MAC, FHA / VA ARE NOW REQUIRING WALLS IN COVERAGE ON CONDOMINIUMS MASTER INSURANCE POLICY!!!!!

What is WALLS IN COVERAGE?

Coverage on the interior walls and for personal property held within the dwelling. If a condominium's master policy does not have walls in coverage for the building, then you must inform your purchaser that they need to call an insurance agent (i.e.: State Farm, Allstate, etc) and get a HO-6 policy (known as a renters insurance by most).

If the policy does state that there is walls in coverage it MUST specifically state replacement of improvements and betterment coverage to include improvements that the current owner has made to the unit, otherwise lenders will still ask for a separate renters policy!!!

Many thanks to Gregg Busch for providing this information!!!

Gregg Busch
Vice President
First Savings Mortgage Corporation
Direct Line - (703) 883-9580
Fax - (703) 564-4685
Cell - (202) 256-7777
E-mail - gbusch@firstsavings.com

8444 Westpark Drive, 4th Floor
McLean, VA 22102