Charles0515
Junior Member
What is the name of your state (only U.S. law)? NH
Hello everyone,
Really confused and need some help. My wife and I are purchasing one side of a Condex in Londonderry, NH. Currently Its a bank owned property and they know nothing about anything.
Now my problem is the insurance... my closing date is 4/27 and the bank called yesterday and said we need a Master poilcy on the entire building as well as seperate insurance before it would be approved!
I need to keep this as low as I possibly can so how can i tweak this to stay low.
My real estate agent talked to the neighbors and they pretty much think they are "covered". However we currently think there is no master policy currently on the unit since they really didnt know what we we're talking about.
Now in my towns accessors report it says:
Current Property Assessment
Card 1 Value Year Unofficial 2008 Building Value 121,500
Xtra Features Value 0
Land Area 1.255 acres Land Value 85,600
Total Value 207,100
Would that mean I would need a liabliliy for my master policy of about 250,000since building vaule per unit is 121,500?
I went to allstate and they put my liability at like a million dollars... Then the yearly payment was very high, if i went with a more exact figure would it lower the premium alot?
Hello everyone,
Really confused and need some help. My wife and I are purchasing one side of a Condex in Londonderry, NH. Currently Its a bank owned property and they know nothing about anything.
Now my problem is the insurance... my closing date is 4/27 and the bank called yesterday and said we need a Master poilcy on the entire building as well as seperate insurance before it would be approved!
I need to keep this as low as I possibly can so how can i tweak this to stay low.
My real estate agent talked to the neighbors and they pretty much think they are "covered". However we currently think there is no master policy currently on the unit since they really didnt know what we we're talking about.
Now in my towns accessors report it says:
Current Property Assessment
Card 1 Value Year Unofficial 2008 Building Value 121,500
Xtra Features Value 0
Land Area 1.255 acres Land Value 85,600
Total Value 207,100
Would that mean I would need a liabliliy for my master policy of about 250,000since building vaule per unit is 121,500?
I went to allstate and they put my liability at like a million dollars... Then the yearly payment was very high, if i went with a more exact figure would it lower the premium alot?
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