I own a condominium unit. What proof of insurance coverage is required by MassHousing?
You must provide MassHousing with evidence of the master hazard insurance policy that must include coverage of fixtures, equipment and other personal property inside the inidividual units. If the master hazard insurance policy does not maintain such coverage, MassHousing will require the borrower to obtain a “wall-in” coverage policy, also known as a HO-6 policy. Also, you must show evidence that your condominium association has an adequate blanket hazard insurance policy covering common and limited common area improvements as well as insurable exposures. Evidence of coverage must be provided upon change of policy coverage, change of insurance carrier, or policy renewal. For more information, contact a Home Ownership Mortgage Service Center Representative at 888.843.6432 (888.the.MHFA).
Related Questions
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