Insurance (1)

Many lenders are now requiring that in older buildings, Condominium Association’s carry “Ordinance of Law” insurance coverage. Failure to obtain the coverage can delay or imperil a closing. Ordinance or Law coverage is extra coverage that pertains to the added cost of rebuilding, by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical, heating ventilating, HVAC and plumbing based on city codes. The lowest limit available is $25,000. There is typically an additional premium to add to the existing coverage. [...] more