I’m buying a duel property from a bank can the bank insure the homes if a insurance company will not
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UPDATED: Feb 18, 2014
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Insurance Question from Conway, SC
Asked on 02/18/2014
I’m buying a duel property from a bank can the bank insure the homes if a insurance company will not NULL
Answer given on February 22, 2014
If you cannot find insurance for a home you are purchasing, then you can see if the lender can obtain insurance on the property.This is not the best way to handle insurance as the lender will often only insure the home for the loan amount and that may not be sufficient for replacement cost of the home. Also, the insurance is usually more expensive then through the open market.Contact an independent insurance agent to see if they have access to a specialty market who can insure the property. Their rates are usually higher than the standard market, but the coverage will most likely be better and will better protect you, the property owner. In addition, it will include liability insurance for you, which may not be provided if you buy insurance from your lender. A final thought is to not buy the property in question if you can’t find insurance on it.
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