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My friend is in the process of a refinance for a condo he lives in. He has enough equity to avoid PMI, but was told by his lender that HO 6 insurance is now required. I've never heard of this. Can anyone shed some light on this new rule and can it be avoided? What is a reasonable amount to pay for this insurance? His condo is located in the bay area in California.
I just had to get this for my condo. Mine was $350. Depends on your coverages, deductibles, etc.
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