I am in the end stages of buying a trailer park in FL. The only hang up is there is a structure on the property that is owned by the park so the bank is requiring me to get wind and flood coverage on it. It is just a portable shed that I would value at 5-7k. I have already got my liability and flood coverage squared away, but I was unaware of how much of a time consuming process it is to wind coverage in the state of FL. I am almost on week 4 of waiting for this coverage. I recently had to ask the seller for a 2 week extension of our contract. Our extension expires at the end of next week and the seller sounds adamant that he NEEDS to close by then. I don’t know what to do, I feel like it is out of my hands at this point. My question is have you guys ever been able to get the bank to let you close on something without having the proper insurance in place? I am extremely frustrated because the value of this building is less than 1% of the loan amount. Is there any products or companies that offer a temporary emergency insurance service for situations like this? I was also thinking about offering to give the bank the amount that the building is worth to hold until the insurance comes through. Just spitballing ideas here
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source https://www.reddit.com/r/RealEstate/comments/14impzh/cant_close_because_of_insurance_problems/
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