Flood Insurance Rules| Hoboken

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Buyers & Sellers: A must read. Most of Hoboken’s real estate is in a flood plain!
Fannie Mae and HFA loans are now requiring more flood insurance than before. Is the Hoboken Condo that you are selling or buying covered? Don’t find out a week before the close.

Here’s the new deal…The building’s insurance must have either $250k of coverage per condo or 100% replacement value for the building. If it doesn’t, a condo buyer can get supplemental with an elevation certificate. This can either be found in the master deed or ordered for about $400. Well worth the investment. I recommend that you make sure your attorney requests this info during attorney review.

….And I said, “Hey, gunner man, that’s qucksand, that’s quicksand, that ain’t mud Have you thrown your senses to the war, or did you lose them in the flood?”

Hoboken Real Estate
Million Dollar Condos
Available 30
Information deemed reliable but not guaranteed

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