By late 2023, the program is boosting its insurance policy availability to $20 million per location.
. But perhaps it will provide enough additional insurance to cover HOAs with smaller replacement coverage gaps.
“Freddie Mac could use this, but we want them to check with Freddie,” Soller told me. Has California’s DOI spoken with Freddie? I asked Soller. “Not that I’m aware of,” he replied.dated May 8 and titled Property Insurance Requirements and Coverage Amounts for Condominium Projects.
The FAIR Plan offers both individual coverage for condominium owners and commercial coverage for condo owners’ associations. For a condominium owner, the FAIR Plan covers personal property and improvements. So, how much does Fannie matter to condo sales? The agency pulled the plug on its Laguna Woods approval as of Jan. 31. Looking back to 2022, the village recorded 18 financed condo sales in April 2022. Fast forward to this April, and it had just four financed sales, according to Lawyers Title Co. That’s nearly an 82% drop in volume.
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