Robert
Irvine,#2Consumer Comment
Tue, February 07, 2012
I live in a forty-five story building with one hundred and fifty million dollars worth of liability insurance.
- When you mention a 150 Million dollar policy I figure you are talking about the policy that the Association holds. This often ONLY covers things that the association would be liable for, such as the outside structure. It would not cover things inside your actual unit that you are responsible for.
There are several types of policies, if the association is covering the exterior and common areas most likely you need one that covers the interior of your unit. This would be something like an HO6 policy. However, before you buy ANY insurance you should contact a)The mortgage company to find out exactly what type of insurance they are looking for,b)The association to see if by some chance that is the type of insurance they have, c)If you need a policy an Insurance Agent who can sit down with you and explain the differences between the policies.
If you are not insured correctly you are probably going to owe the late fees and additional interest, and all negative information being report is also probably going to stick. You may be paying your "mortgage", but if you don't pay what you owe they may start foreclosure procedures on you. So you better do this sooner than later instead of waiting around for someone else to start a Class Action Lawsuit.