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Mortgage Matters: Navigating Fannie Mae and Condominium Insurance
Manage episode 454088640 series 3618353
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This presentation on project insurance, specifically focused on meeting Fannie Mae requirements. It focuses on reviewing property insurance policies, verifying that they comply with replacement cost coverage and that deductibles do not exceed allowed limits . The differences between replacement cost coverage and replacement cost value (RCV), the importance of the named insured ( whether it is the HOA, the builder, or a different entity ), and the specific flood insurance needs for attached projects are explained. Finally, it addresses additional required coverages, such as inflation protection and building ordinances , depending on the type of project (condominiums or general projects). The main objective is to ensure that the property is adequately insured to protect the owners and comply with Fannie Mae regulations.
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