Lender Needs Primary HOI to Close

[DJAJ]

but my client will not be moving in for 4-6 months while home is getting renovated. What do you do to make everyone happy in this situation?

 

[gambrinus]

Client needs a Builders Risk Policy.

 

[FL P&C Broker]

And a lot of lenders will not take a builders risk policy.

 

[insurance1822]

This is tough....very tough. 203k rehab loan? I hate these referrals.

 

[DJAJ]

Yup, exactly! I am trying to see if I can get an exception from some of my underwrites to just write the standard ho3 but not sure thats going to work.

 

[FL P&C Broker]

Contact Johnson&johnson. They might have a market for vacant/renovation HO3. It will be expensive though.

 

[InsCommentary]

Write a dwelling policy and replace it with a homeowners policy when residency begins.

 

[insurance1822]

If you quote it correctly, it's going to be expensive as heck. Then the person will shop & find some captive agent who'll quote it as a regular homeowner's & look like a hero. Make sure you set a solid expectation to the lender so you don't look like an *** when this happens.