One of my employees just messaged me and told me their hazard insurance

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Jan 2, 2025
10:44:41am

WhirleyPop All-American

One of my employees just messaged me and told me their hazard insurance

expired on their home in October, so the mortgage company bought an 8 million dollar policy and they owe $50k. They called the mortgage company this morning and confirmed it is legit.

Isn't this some kind of scam? How is this possible? Maybe the mortgage company has them confused with the whole HOA for all of the townhomes?

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WhirleyPop

Previous username: Groin Squirrel
Bio page: WhirleyPop
Joined: Oct 19, 2014
Last login: Jan 4, 2025
Total posts: 27,431 (1,670 FO)

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Messages

Author

Time

One of my employees just messaged me and told me their hazard insurance

WhirleyPop

Jan 2, 10:44am

There is a clause in every loan contract for homes and cars that's says if your

cougarfann888

Jan 2, 10:46am

You have an employee with a $8M home?

Indy Coug

Jan 2, 10:46am

Nope... it's a townhouse in Tooele county

WhirleyPop

Jan 2, 10:50am

Then something is not right. You can't be insuring something for multiples of its actual value

Indy Coug

Jan 2, 10:51am

No, his employee has an $8mil townhome

530Coug

Jan 2, 10:51am

Yeah the mortgage company can force place coverage but if they are in an HOA the

Ycrazy

Jan 2, 10:46am

The unit owner should only need an HO6 policy. The HOA must provide the master

YSMACK

Jan 2, 10:58am

Exactly, I am wondering if HOA let policy lapse and so mortgage company is force

Ycrazy

Jan 2, 11:02am

Tell him to burn down his home before they figure out the mistake

Longseason

Jan 2, 10:53am

Get a $75k loan, pay the insurance and pay a homeless dude $25k to burn the

foofcoug

Jan 2, 10:54am

My mortgage company has become exceptionally annoying with this.

jxncoog

Jan 2, 10:56am

I've seen this before. They likely confused the project with the unit.

YSMACK

Jan 2, 10:57am

"Forced placed insurance" is a real thing. Insuring a townhouse in Toole for $8M is not a real thing.

HarlemCoug

Jan 2, 10:59am

He needs to send his mortgage company a copy of the master HOA policy.

Jan 2, 11:01am

I don't understand the HOA thing?

BYU71

Jan 2, 11:08am

meaning the entire townhome as one building, not the HOA as a neighborhood

DiamondMo

Jan 2, 11:14am

Duh, my bad. Thanks.

BYU71

Jan 2, 11:18am

In HOAs where the building is attached to others, as in a townhouse, it is

Jan 2, 11:14am

In Utah, it isn't just typical, it is required by statute.

YSMACK

Jan 2, 11:22am

Neat

Jan 2, 11:46am

I guess. It is an important distinction though.

YSMACK

Jan 2, 11:51am

HOA bylaws have insurance requirements

jxncoog

Jan 2, 11:15am

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