Homeowners insurance

[Octavia Jackson]

Can private lenders be on homeowners policy as mortgagee

 

[adjusterjack]

Yes.

 

[marindependent]

private lenders be on homeowners policy as mortgagee

It sort of depends on what you mean by private lenders. In general I would say Yes, but... there can be problems / challenges here.

I would ask your insurance agent about yoru specific insurer. If shopping for insurance, I would tell the broker / agent.

 

[Markthebroker]

It sort of depends on what you mean by private lenders. In general I would say Yes, but... there can be problems / challenges here.

I would ask your insurance agent about yoru specific insurer. If shopping for insurance, I would tell the broker / agent.

If I loan you $20, can I be on your insurance policy?

 

[adjusterjack]

If I loan you $20, can I be on your insurance policy?

Theoretically, yes.

But we would have to have a mortgage contract secured by my home.

The standard homeowner policy mortgage clause:

If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear.

Even if you did manage to get named on the policy, without a mortgage contract, you would have no interest in the home, so you would not get your $20 in the event of a loss.

 

[Allen Trent]

Theoretically, yes.

But we would have to have a mortgage contract secured by my home.

The standard homeowner policy mortgage clause:

If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear.

Even if you did manage to get named on the policy, without a mortgage contract, you would have no interest in the home, so you would not get your $20 in the event of a loss.

Ignore Mark, it was obviously a rhetorical question. He doesn't have that kind of money, blew everything on capes

 

[MIGA1626]

Can private lenders be on homeowners policy as mortgagee

Yes. They just need a note agreement with assignment of collateral.

 

[ArioSoft]

Private lenders, just like traditional banks, can be named as the mortgagee on a homeowners insurance policy. This helps ensure that the lender is notified in the event of a claim and that any insurance proceeds are used to repair or replace the property, protecting the investment of both the homeowner and the lender.

 

[Richard-PDIS]

Yes, privately-held mortgages can get homeowners insurance. And, I'll take for granted the mortgage note has been properly recorded.

 

[marindependent]

Private lenders, just like traditional banks, can be named as the mortgagee on a homeowners insurance policy.

With some insurers.