Just Another Insurance Question
okay i have read tons of post about insurance and a lot of them are different and have different ways of doing this. John Locke says to keep the existing insurance policy and have the sellers sign over their rights to the policy and others say to just get another policy and and leave the existing one in place. so if i get a new policy are they going to ask me who my lender are? and what do i tell them? and second, if i get a new policy and i dont cancel the existing one this will void out the new policy because two policies are not allowed from how i understand it. i like Lockes way but will this work? Just wondering because i heard that they will not pay out if they find out that original holder of policy isnt living in the house they have the right to breech on contract? thanks [ Edited by I_Need_Help on Date 07/13/2004 ]
if i cancel the first one and get a second LL policy the lenders wont call asking why?
Please read and advise of further questions. It should answer many things for you:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=472
Tim