Hazard insurance policy?
I believe, most lenders require that buyer obtain a menace insurance policy prior to buying or refinancing a home.
My question is - Is this mandatory or lender's policy or the ruling?.or it's up to lender? I am just curious. Thanks
Answers: It's sector of the lending agreement. Your mortage isn't "sellable" if that clause isn't within there. So it's up to the lender, but you won't find one to waive it. Unless you've get like 90% equity surrounded by your home or some such. Maybe.
It is not the law, but adjectives lenders do require that you have insurance. This protects their interest within the property. They don't care if you hold enough coverage to renovate, they just caution that you have satisfactory coverage to pay stale the loan. If you don't get your own coverage they'll be merry to place coverage on the property at your expense. I have met similiar sort of problem before, here is the resource that I consistency helpful..http://home-insurance.featured-resources...