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Old 05-13-2006
ev565 ev565 is offline
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Join Date: May 2006
Posts: 1
Unhappy Can't Find Property Insurance

I live in a townhouse community where a 1 building has a huge sinkhole underneath it. The other buildings have been tested, but we still haven't heard of the results. The current property insurance co is dropping the insurance and the Board says they cannot find another insurance company who will insure us.

I was told our mortgage companies will start calling in the loans if there is no property insurance available.

Does anyone have any advice or wisdom for me? I don't want to lose everything because of this .

Thanks
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Old 05-15-2006
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admin admin is offline
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Join Date: May 2003
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The mortgage companies will not be calling the loans due, they will just go to a surplus lines carrier and obtain what is called "forced-placed" insurance. This is not really a good policy but it will suffice until the final work has been done on the property. Email me with any questions.
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