All Forum Posts by: Curtis H.

I'm starting to learn this is a tough question around these forums. A search brings up generalizations and such, but nobody really saying HOW they get there. What do you tell the insurance company, etc. 

I can't even get the mortgage company to send the darn bill to me, and not the new address of the previous owner. I've requested three times using POA, and they say ok, and then never send me the bill, year end statement, nothing. Drives me nuts knowing the previous owner is getting all of this info. At least they know I'm paying it I guess.

Thanks for replying Derek! I was beginning to get a bit of a complex as to why all my posts were being ignored. 

So this is the way I've read is the optimal way to do it...

Get new policy with myself as first insured, seller as additional insured (since their name is still on the mortgage), and bank as mortgagee. 

Cancel existing policy. Although this is scary, apparently double insurance gives both companies an out if a claim is filed. 

I'm ok with this process, but again I want to hear from people who have done this more than once and their experiences. The key in all this is to have the bank not start snooping around when they get the info about the insurance.

I have posted this in a few forums with no response, but I gotta keep trying as I don't want to make a huge mistake. So here we go again. And yes I have searched the forums, but these particular questions I haven't found answers for. 

I am about to get insurance on a property I picked up Sub2 that I ended up living in. I know that I should put myself as first insured and add the previous owner as an additional insured on the policy, but when the insurance company asks why and who is this person, what do I say?

Lastly, they are naturally asking for the mortgage company's information, loan number, etc. Do I willingly give that info to them as I don't really want them to send too many notifications to the bank?

Any advice is appreciated.

Thanks,

Curtis

Any takers?

I have posted this in a few forums with no response, but I gotta keep trying as I don't want to make a huge mistake. So here we go again. 

I am about to get insurance on a property I got Sub2 that I ended up living in. I know that I should add the previous owner as an additional insured on the policy, but when the insurance company asks why and who is this person, what do I say?

Lastly, they are naturally asking for the mortgage company's information, loan number, etc. Do I willingly give that info to them as I don't really want them to send too many notifications to the bank.

Any advice is appreciated.

Thanks,

Curtis

Hi all, 

I am about to get insurance on a property I got Sub2 that I ended up living in. I know that I should add the previous owner as an additional insured on the policy, but when the insurance company asks why and who is this person, what do I say?

Lastly, they are naturally asking for the mortgage company's information, loan number, etc. Do I willingly give that info to them as I don't really want them to send too many notifications to the bank. 

Any advice is appreciated. 

Thanks, 

Curtis

Hello all,

I have a home I bought Sub2 that I will be getting a policy on tomorrow, but have a couple questions before I pull the trigger. I should mention I am actually living in the property as my primary residence, not renting this one out.

1) When I request to put the previous owner as an additional insured since his name is still on the mortgage, and they ask why, what is the right answer? Insurance agent said they will probably ask why, and ask for address of the previous owner too. I don't know if I should give them that.

2) The agent also said she can choose not to manually send something to the mortgage company, but thinks the company automatically sends something basic to the mortgagee. Is this a problem as it will trigger the bank to investigate why a new policy is written, and of course the old policy cancelled?

3) If the BANK starts asking questions, what would be the normal "investor" response? Or at that point it is what it is since they will discover title has changed to my name and there is nothing I can hide?

Thanks!

Curtis

I'm not calling to get a policy till I have some clarification :-)

I don't want to be impatient and make a huge mistake that gets the bank snooping around. 

Any help would be appreciated.

Hello all, 

I have a home I bought Sub2 that I will be getting a policy on tomorrow, but have a couple questions before I pull the trigger. I should mention I am actually living in the property as my primary residence, not renting this one out.

1) When I request to put the previous owner as an additional insured since his name is still on the mortgage, and they ask why, what is the right answer? Insurance agent said they will probably ask why, and ask for address of the previous owner too. I don't know if I should give them that. 

2) The agent also said she can choose not to manually send something to the mortgage company, but thinks the company automatically sends something basic to the mortgagee. Is this a problem as it will trigger the bank to investigate why a new policy is written, and of course the old policy cancelled?

3) If the BANK starts asking questions, what would be the normal "investor" response? Or at that point it is what it is since they will discover title has changed to my name and there is nothing I can hide? 

I have full Power of Attorney with the bank, and I paid to bring the loan current so I am on file all over the place there and have a decent relationship with them. Still though...I brought the loan current and the home prices have gone up about 60K since that happened. So they may have incentive to call the loan due and HOPE to get the house back at this point. Don't know.

@Doug W.

A permit each wall? Sheesh. Sounds like a money grab to me. If you did not get it permitted, and the city didn't have your blueprints, what would have happened? I plan on doing everything by the book, because I hate drama. I'll pay to avoid it. I like to relax, not stress. By the way, was it hard to do yourself?