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Old 02-15-2007, 11:25 AM
 
28 posts, read 787,720 times
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I just looked at a real estate listing for a beachfront home that advertised it had an "assumable mortgage". I'm not sure why it's being advertised that way. Is it because it's next to impossible to get insurance on beachfront homes and by assuming the mortgage you'd be able to maintain whatever coverage the current homeowner has? Anyone have any guesses?

Beachfront property is out of our budget, but I'm curious. Someone told me that even if you are able to obtain coverage on your beachfront property, they'll only insure you up to $250,000. Is that correct? If so, how are people protecting their property or are they just gambling that they'll avoid a major hit?
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