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I'm in the process of purchasing a townhouse, and I have run into some issues with a homeowners insurance policy. The sellers I'm buying from will have a 60 day rent back after closing--the insurance company I talked to told me that I would need a landlord policy, and then when rent back is over start the homeowners policy--b/c they claim it will not be my primary home---however it WILL be my primary home---and my lender requires me to have homeowners insurance.
When we hit this snag, I mentioned to my lender than they are going to give me some other contacts to try but does anyone know any insurance companies that would allow me to have a homeowner policy? Or have you seen other people running into this issue in the market we are currently in.
If I were you, I would talk to an independent insurance agent and let them talk directly with your lender. I own a home that I rent out currently with no mortgage. I could no longer keep a standard policy when I started renting the property, I was required by my insurer to have a landlord policy that only covers the replacement cost for the home, not the renter's possessions that they are required to have for coverage.
I suspect your lender would have no trouble with that, but let your insurance agent handle that for you.
If I were you, I would talk to an independent insurance agent and let them talk directly with your lender. I own a home that I rent out currently with no mortgage. I could no longer keep a standard policy when I started renting the property, I was required by my insurer to have a landlord policy that only covers the replacement cost for the home, not the renter's possessions that they are required to have for coverage.
I suspect your lender would have no trouble with that, but let your insurance agent handle that for you.
Ah ok, thanks I'll give that a try. I think my lender said they could refer some insurance people to me so maybe they have someone they work with for things like this frequently.
Yes, if your lender has an insurance agent they want to recommend, take them up on that.
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