CassieNet News :: Thinking of getting a mortgage :: RE: Rent Loss Insurance

Thinking of getting a mortgage :: RE: Rent Loss Insurance - Enlisted in Binder?

Author: jessica
Subject: Re:
Posted: Thu Aug 04, 2005 4:38 am (GMT 0)
Topic Replies: 3

Hi Anne

Welcome to MortgageFit forum.

Obviously you need the rent loss insurance to be listed in the binder. If you are trying to buy investment property, you will be required to purchase rent loss insurance. The insurance binder is a document that proves that you have a policy and gives a summary of that coverage. The binder states that your rent loss insurance is temporarily in effect until a permanent policy is obtained. You should tell your insurance agent that you require showing the binder at or prior to closing. So I would advice that you talk to your insurance agent to explain your inconvenience and ask him to provide a binder.

We hope that you will benefit from this information.

Please feel free to write back with further queries. Also register with us at http://www.mortgagefit.com/signup/ to get free advice on any other query.

Regards,
Jessica

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