Liability Insurance for Condo Associations
I've got some friends who are trying to buy a condo in stx. they were told by 2 mortgage companies that the condo assoc. needs to have $million dollar liability insurance in order for them to grant a mortgage. has anyone heard of this before? the condo in question has limits far lower, and they won't increase it due to higher premium.
does anyone know of banks that don't require that?