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Thread: Mortgage / Insurance question

  1. #11
    FORT Fogey
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    Re: Mortgage / Insurance question

    Quote Originally Posted by ElizabethG;3229071;

    Do you HAVE to have homeowner's insurance when you carry a mortgage?
    In most every case, yes.

  2. #12
    FORT Fogey Add It Up Champion famita's Avatar
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    Re: Mortgage / Insurance question

    Usually you have to have it yourself or the mort co will force-place it at a much higher premium. Remember, insurance is for the "what if" or "just in case" moments,....and we've all been there.

  3. #13
    FORT Fanatic ElizabethG's Avatar
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    Re: Mortgage / Insurance question

    Bummer. *sigh* I guess I had better start working the phones and calling around then. Thanks, ya'll. I really do appreciate the advice and response.
    I enjoy the escapism of reality television. Beats the heck out of worrying about your REAL life!!

  4. #14
    MRD
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    Re: Mortgage / Insurance question

    If your mortgage company finds out, they can require you to purchase insurance. In some cases, they will take out a policy on the home to cover their investment only (you would not collect anything if something were to happen) and they would charge you the premiums. In some cases, they would consider you not having insurance to be a violation of your contract with them and could "call your mortgage" meaning they could require you to satisfy the outstanding amount.
    It depends on what is stated in your mortgage agreement. I would get that out and look at both the mortgage and other papers you signed at the time.
    They are looking out for their investment and not for you, so be forewarned.
    Que me amat, amet et canem meum
    (Who loves me will love my dog also)

  5. #15
    FORT Fogey MsDiva2007's Avatar
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    Re: Mortgage / Insurance question

    Mortgage companies require insurance on the home to protect their insurable interest in the home. When you cancel your policy or your insurance company cancels the mortgage company must be notified usually within 10 days of the cancellation. You may want to look at getting a tenant and taking out a landlord policy for the home.

    Since you already disclosed to the insurance company the fact that the home is vacant, they may not accept it as a secondary residence. If you have a signed lease agreement at least the Landlord policy will cover the dwelling and other structures and liabilty.

  6. #16
    To the Point
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    Re: Mortgage / Insurance question

    If all else fails call the state insurance commission/office or whatever it may be called where you live. In NC we have an elected Insurance commissioner who presides over the department. I believe, and I could be wrong, that most states have an equivalent department (in some states their commissioner is appointed rather than elected). This would at least give you a place to go for answers if you can't get a satisfactory answer from your company or another. The Insurance Commission in NC is charged with regulating and overseeing the Insurance industry in NC. They also have folks who can help residents get answers to questions regarding their rights as the insured and may even have info on agencies that would be willing to insure. I might try to find out exactly what recourse you might have.

    You will need insurance if you have a mortgage. You mortgage company would probably charge you much more (just a guess) for providing the coverage. Check the government listing in your phone book for a listing of this type agency.

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