I have a home with a regular conventional home loan as a primary home with a home owner Insurance policy, recently bought one more property and during this process i have informed, my previous insurance (Geico) saying, i gave to primary home to rental. now they called up and said to go as landlord insurance instead of regular homeowner insurance and they plan not to renew the current home owner insurance.
Will my mortgage company require homeowner insurance as proof?
or
shall i call the insurance company again and say, i am going to be primary insurance on that property
or
I will handle the escrow myself by this way I can get the landlord insurance still do the mortgage company mind about home insurance proof?
Yes, Landlord insurance is a different form than Homeowners insurance. NO do not keep a homeowners policy on a rental as you would not get a claim paid if you knowingly falsified the type of form. Usually, escrow teams will not know the difference.
Your mortgage company doesn’t require homeowners insurance, they require the property be covered by insurance. The landlord policy does this. (It should be slightly cheaper as it’s basically the same as homeowners policy except it doesn’t cover any personal items in the home. (The reason you require tenants to have renter’s insurance so they don’t lose everything.))