La Costa Brava Lakeside Community

06/14/2025

🏘️ Summary from Community Insurance Agent Negar Sharifi (Assured Partners, Lake Mary)

Key Issue:
Numerous condominium communities—yours included—are affected by a conflict between Fannie Mae/Freddie Mac's lending guidelines and insurance carriers' policies, particularly concerning roof coverage wording.

What’s happening:

Insurance carriers (like Lloyds of London) are now including clauses such as “Roof coverings to be ACV (Actual Cash Value) if installed before 2005” to limit obligations for aging roofs.

Fannie Mae, however, requires insured properties to have full replacement cost value (RCV) policies, and will not finance units if the policy includes any ACV clause—even if roofs have since been fully replaced.

Why this matters:

Even when all roofs are new, Fannie Mae insists on removing ACV clauses. They will still block financing if the clause remains, regardless of the roof’s condition.

Switching carriers to one offering RCV wording may solve this—but no guarantee exists, and such policies often come at a higher cost for mature communities.

Bottom line:
Replacing roofs alone may not resolve the issue—since carriers may refuse to remove ACV wording. The standoff between GSE requirements and insurance industry practices remains unresolved.

Negar Sharifi of Assured Partners our highly skilled Insurance Agent is available for a follow-up call to clarify further and discuss possible mitigation strategies.

📰 Attached Articles Highlighting the Financing/Insurance Conflict
“Update: Fannie Mae Guidelines Raise Concerns, Could Bar ACV Coverage for Homes”
Discusses Fannie’s December 2022 and February 2024 updates mandating replacement-cost coverage and disallowing ACV policies
https://www.insurancejournal.com/news/southeast/2024/05/07/773103.htm

“Insurance Requirements Intensify for Fannie and Freddie Backed Mortgages” (Mar 21, 2025)
Explains how non-compliant insurance can prevent GSE (Government-Sponsored Enterprises) from buying condo loans, complicating resale
structuredfinance.org.
https://structuredfinance.org/insurance-requirements-intensify-for-fannie-and-freddie-backed-mortgages/

WSJ: “A Secret Mortgage Blacklist Is Leaving Homeowners Stuck With Unsellable Condos”
Highlights over 5,000 condominium projects flagged by Fannie Mae, often due to inadequate insurance or ACV clauses, stalling transactions and lowering values.
https://www.wsj.com/finance/regulation/condo-sales-home-insurance-crisis-a921362b?gaa_at=eafs&gaa_n=ASWzDAgv8mcglGLjQAUP7AWCbtHo68eiZGG06xQ4ks9ARPkLsZZMGxE3KMugsD8SNp8%3D&gaa_ts=684c6f5f&gaa_sig=jM1cRzLpl7fKfJG1ZF7Pm-64pNkTwD7snd4jPzPWjLfTRdUZjBNg_fIvxiko1rmpPqQGvcVso7A3u2plkod7Pg%3D%3D

* In 2016, Sharifi earned her CIRMS designation through CAI National, becoming one of only seven agents in Florida with this certification; the following year, she was recognized by Florida Community Association Professionals as a Woman of Industry. Her favorite part of the job is getting to know and help the residents that reside in the communities she insures.

Fewer homes can get Fannie Mae-backed mortgages, a response to the Surfside condo collapse and the insurance crunch.

06/12/2025

🎣 Peaceful mornings, lakefront living.
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Located just minutes from Downtown Orlando, La Costa Brava offers direct lake access, perfect for boating, kayaking, paddleboarding, and of course—catching the big one.

🌅 Lake life is waiting. Come see why Orlando lakefront living is better at La Costa Brava.