Common use of Property and Flood Insurance Clause in Contracts

Property and Flood Insurance. If the Buyer does wish to make the Agreement contingent upon the Buyer’s ability to obtain property and/or flood insurance, the Buyer should initial “Elected.” If the Buyer does not wish to make the Agreement contingent upon the Buyer’s ability to obtain this insurance, the Buyer should initial “Waived.” If the Buyer elects this contingency, the Buyer should apply for property, casualty, and flood insurance within the Contingency Period (within 10 days if the default time isn’t changed). If the Buyer is not able to obtain insurance on terms satisfactory to the Buyer, the Buyer has the rights laid out in the Paragraph 13(B) (Inspection Contingency).

Property and Flood Insurance. If the Buyer does not wish to make the Agreement contingent upon the Buyer’s ability to obtain property and/or flood insurance, initial “Waived.” If the Buyer does wish to make the Agreement contingent upon the Buyer’s ability to obtain property and/or flood insurance, the Buyer should initial “Elected.” If the Buyer does not wish to make the Agreement contingent upon the Buyer’s ability to obtain this insurance, the Buyer should initial “Waived.” If the Buyer elects this contingency, the Buyer should apply for property, casualty, and flood insurance within the Contingency Period (within 10 days if the default time isn’t changed). If the Buyer is not able to obtain insurance on terms satisfactory to the Buyer, the Buyer has the rights laid out in the Paragraph 13(B) (Inspection Contingency).