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

Jan 2, 2025
10:46:59am

Ycrazy All-American

coverage for the home should be from the HOA policy. Did the HOA let their policy lapse? A townhome policy in Utah does not cover the home itself it covers contents (personal crap) and the HOA deductible.

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Ycrazy

Bio page: Ycrazy
Joined: Apr 14, 2011
Last login: Jan 4, 2025
Total posts: 9,602 (7 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.

Junior Deputy

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

Junior Deputy

Jan 2, 11:14am

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

YSMACK

Jan 2, 11:22am

Neat

Junior Deputy

Jan 2, 11:46am

I guess. It is an important distinction though.

YSMACK

Jan 2, 11:51am

HOA bylaws have insurance requirements

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