What type of insurance do I need on the property?

Q: What type of insurance do I need on the property?

Before closing you will need to have a Builders Risk policy in place that covers both the loan amount, as well as, the term of the laon. The policy will need to renewable. Properties located in areas subject to flooding will require flood insurance prior to closing. For commercial, multi-family, rental loans etc., a different type or level of coverage may be required.

Question

chm-admin · Accepted Answer

Before closing you will need to have a Builders Risk policy in place that covers both the loan amount, as well as, the term of the laon. The policy will need to renewable.

Properties located in areas subject to flooding will require flood insurance prior to closing.

For commercial, multi-family, rental loans etc., a different type or level of coverage may be required.