Forced Place Insurance

[Bill B.]

Hi BP Nation.

I have my first note.  I want to insure my investment with Force Placed Insurance.  I searched BP and found some great leads.  However, I've been told by the company I'm working with that I must have a "manager" or some other individual within 150 miles of the property that secures my note.  They want someone "local" to be able to check on the property.  That is logical and I can also understand how that may help reduce claims.  However, I'm in CA and the property is in OH.  I don't know anyone in OH.  I would really rather not hire someone in OH to fulfill this requirement.   Also, I can't believe that people who trade notes full time and nation wide have to deal with this.  So, with all that as background:

• Is everyone else fulfilling this requirement?  If so, how?
• Assuming that most note investors are not, what key word or phrase am I not using to get the "right" coverage?
• Are there providers that do not have this requirement?  If so, I'd appreciate some referrals.

As always, THANKS BP Nation!!!!

[Mike Hartzog]

Hi Bill - Sounds like you are talking with the wrong company here.  I can provide a couple of references for you.  Shoot me an email.

Mike

[email protected]