Home Buying in California>Question Details

CC, Home Buyer in San Jose, CA

Do we have to buy Hazard Insurance for a condo in San Jose? thank you!

Asked by CC, San Jose, CA Mon May 25, 2009

Our loan officer from a big bank provided a GFE to us with no hazard insurance charge before, and never mentioned there will be hazard insurance charge for us. Now we are in the contract and waiting for the underwriter approvl from the same bank, but we received the estimate settlement costs showing that we need pay more than $1000.00 for Hazard Insurance Premium. So do we have to buy Hazard Insurance? Or it will depend on lender requirement? thank you!

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Id try http://www.cheaphazardinsurance.com for really cheap insurance..
0 votes Thank Flag Link Tue Sep 8, 2009
Hi CC, if you review the HOA docs that were provided to you by the seller as a disclosure you would likely find that the HOA's responsibility stops at the wood studs or drywall. The insurance is to cover everything on the other side within the condo space. Call the HOA to determine the need for the insurance to make sure.

Best, Steve
0 votes Thank Flag Link Tue May 26, 2009
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