Re: Need Help!!! - Posted by MikeD
Posted by MikeD on July 18, 2003 at 12:24:55:
I know in Tn it really depends a lot on the insurance company. Some will let you just state an amount as long it is within reason of replacement cost, others will do their own review before either setting the amount or raising the amount of coverage. Not an attorney just a mortgage broker and R/E wannabe LOL.
Secondly you have to have an “insurable interest” this is were you get into some murky water.(Purely my opinion) because you start filing paperwork @ the courthouse and up jumps the Due on Sale Clause. In todays economy the banks do not want the house they have to many as it is however, it is something to keep in mind.