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Master Insurance for Refinance Needed if I don't have an HOA?
Hi,
I'd really appreciate for everybody's feedback here. I own a detached PUD and it's a 4-unit community. We don't have any pools, clubhouse, or facility on the common area, which is only a concrete driveway. I'm in the middle of refinance and my bank all of a sudden asked us to provide a "master" insurance plan, which we don't have because we don't have an HOA. We pretty much do self maintenance here since it's only 4 detached units. Is this absolutely a must for the bank or given our situation where HOA is absent can we explain to the bank? We do have our individual property insurance which covers walls in the outside area. Will this suffice?
Thanks a bunch!
I'd really appreciate for everybody's feedback here. I own a detached PUD and it's a 4-unit community. We don't have any pools, clubhouse, or facility on the common area, which is only a concrete driveway. I'm in the middle of refinance and my bank all of a sudden asked us to provide a "master" insurance plan, which we don't have because we don't have an HOA. We pretty much do self maintenance here since it's only 4 detached units. Is this absolutely a must for the bank or given our situation where HOA is absent can we explain to the bank? We do have our individual property insurance which covers walls in the outside area. Will this suffice?
Thanks a bunch!
