06-15-2009, 05:56 AM
Hi Laurie,
Yes as you found out, you do have to insure it, but you can ask the lender for just fire insurance only. Since you have no belongings in it, nor live there, that is the standard way to insure property like that. If your status changes, ie. if you plan on living there or move your household goods in, then it should be changed back to a HO-3 policy with full coverage to reflect that. It is always better to insure your home where you have other insurance at like your autos, if possible. Since your goal is to insure it, why not just find an insurer that you feel comfortable with is still rated highly under Best's? That way you will get a better service should you need it.
The amount of your household goods is just a percentage of your homes value. You won't get any insurance company to change the percentages and what is covered, just the type of policy offered.
Lucy
Having another Great day in Paradise, Wherever that Maybe!
Check on here doing a search and you will find others who have mentioned what company that they went with in a string talking about insurance.
Your company that you are dealing with should be able to explain to you what comparable condition or replacement value means.
Yes as you found out, you do have to insure it, but you can ask the lender for just fire insurance only. Since you have no belongings in it, nor live there, that is the standard way to insure property like that. If your status changes, ie. if you plan on living there or move your household goods in, then it should be changed back to a HO-3 policy with full coverage to reflect that. It is always better to insure your home where you have other insurance at like your autos, if possible. Since your goal is to insure it, why not just find an insurer that you feel comfortable with is still rated highly under Best's? That way you will get a better service should you need it.
The amount of your household goods is just a percentage of your homes value. You won't get any insurance company to change the percentages and what is covered, just the type of policy offered.
Lucy
Having another Great day in Paradise, Wherever that Maybe!
Check on here doing a search and you will find others who have mentioned what company that they went with in a string talking about insurance.
Your company that you are dealing with should be able to explain to you what comparable condition or replacement value means.
Lucy
Having another Great day in Paradise, Wherever that Maybe!
Having another Great day in Paradise, Wherever that Maybe!