Double insurance for condo unit

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poseidon

Double insurance for condo unit

Post by poseidon »

Hi,

Since it is a legal requirement for condos to be insured for structural damage why does the bank still insists that the mortgagor buy some more fire insurance?

I understand they have a stake as the mortgagee but don't you think it is unnecessary other then the fact the insurance company will usually be the subsidiary of the bank or someone they have tie up with for financial gains.
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