Homeowner Insurance Pushback

[Account Closed]

I am in the process of closing on a turnkey property and now I am having trouble obtaining homeowner insurance.  I am receiving pushback from the mortgage company and they are requesting that my name is the only name on the policy with no other "groups."  For example - they do not accept the insurance policy that the turnkey company holds?  I even went to the National Real Estate Insurance Group and the mortgage company will not accept their policy.  Has anyone ever dealt with this?  Any solutions?

[Jason Bott]

Originally posted by @Account Closed:

@Chris Clothier - This is exactly the situation.  My lender is BancorpSouth in Little Rock, AR.  Up until now, everything has been a smooth ride.  In the future I will definitely work with a lender who is willing to accept this setup.  For now, I may have to pay a higher premium to get this deal done.  Do you know of any insurance companies that may have a solution?

 Aaron, we run into this all of the time with certain banks. 

Easiest solution is to close with the insurance the bank will accept, then switch back to the most competitive option 30 days into the policy.  The insurance guidelines on the front end are 10 times as stringent as the guidelines after the loan is in place.