Condo Associations and Mortgagee Clauses for individual owners

[whatyouwantfinally]

Here is the response from the bank LOL they are getting really offended.


This is not a carrier issue. For example, if I request my mortgagee to be put onto the individual's condo policy, I would contact the agent, not the Statefarm. Same would apply for the master policy. I would not be reaching out to the carrier. I would reach out to you guys, the agent. This is standard for all condo policies. When a resident refinances or buys a condo, ALL lenders will request for their mortgagee and subject address on the master. This is not a requirement that is exclusive to my company.

In the most condescending way you can think of, explain that it is the carriers who make the rules, not the agents.

 

[MIGA1626]

I know right? Does State farm even do commercial policies for Associations LOL? Most of the time they are just personal lines.

 

[whatyouwantfinally]

I know right? Does State farm even do commercial policies for Associations LOL? Most of the time they are just personal lines.

They do. In my area, not very competitively.

 

[MIGA1626]

Hey guys thank you for your help regarding this. The banker finally left us alone after I sent him the news article. I am going to start being way more active on this site. There is nothing else like this out there where you can get real world advice for insurance. Everything feels so esoteric from the "official" sources of information in the industry and the carriers never want to tell you the straight truth on things.