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Updated about 2 months ago on . Most recent reply

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Ying Tang
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268
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Lender has issue with specific verbiage with my insurance policy

Ying Tang
Posted

My lender has issue with specific exclusion language on my policy, that the policy was over 100 pages long. The insurance broker said the exclusion was just for cosmetic things for roof. But lender's internal underwriting rejected that insurance. 
I went to my primary house insurance company, but they don't deal with 4-plex.

I'm wondering if anyone has run into that issue before? What insurance company do you use for small multifamily?
I personally won't file insurance claim for anything under $10,000. So I'm looking for a policy that has a competitive price.

Thanks in advance for any insights!

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Theresa Harris
#3 Managing Your Property Contributor
11,800
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Theresa Harris
#3 Managing Your Property Contributor
Replied

Why don't you ask the bank if they have a list of insurance companies they deal with?

  • Theresa Harris
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