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Insurance Question

#1 User is offline   RealKool1 

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Posted 05 April 2009 - 08:52 PM

I have had 2 houses rented out, and had the standard dwelling/fire insurance coverage. When I purchased the houses, the lender specifically asks if these are investment or owner occupied. At the time they were strictly for investment. I am now moving into one of the houses and plan on being there for some time, 3 to 4 years. Obviously, I need to change my insurance to a homeowners policy for the one I am in. Can there be, or will there be any negative feedback from the mortgage company? Would they even care, so long as their interest is covered?:angrym:
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#2 User is offline   tazcablegirl 

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Posted 09 April 2009 - 02:07 PM

There shouldn't be any feedback from them at all. You are changing your policy with the insurance company and they are being named the beneficiary...if you're not changing or down grading any of the coverages and keeping the state legal limits....the insurance co will handle all the faxing dec pages etc.

Just have the insurance company provide proof that the mortgage compnay is named as beneficiary and they sent the paperwork to them (mortgage co).

You may to check with your city and county and find out if there any paperwork that you need to file with them regarding the change from an investment to personal residence - for tax reasons.

TAZ
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