As the purchaser of a home through our company, YOU MUST OBTAIN INSURANCE PRIOR TO THE CLOSING. The insurance you are purchasing must meet our requirements. Your insurance must be approved by Investors Mortgage 48 hours in advance. We will NOT CLOSE with- out proper insurance coverage that meets our requirements.
We will need the contact agent's name, phone number, and fax numbers. You must bring the original declaration page and a paid receipt for 1 year to the closing, NOT THE APPLICATION!
Please note: we will follow up on your insurance coverage. Should the insurance be canceled and not re- insured in a timely manner, Investors Mortgage will acquire insurance on the property and bill you for 1 year’s premium along with a $100 penalty fee. If this bill is not paid by the specified date, this is ground for foreclosure with added penalty fees.
As a purchaser of a home through our company you must have insurance coverage that meets our requirements on the property at all times!
If the property is to be used as a rental property, a copy of the lease must be submitted along with proof of coverage.
Proof of insurance MUST be received 48 hours prior to closing for approval. If not received, we will NOT close.
MUST cover vacant property for longer than 30 days. Coverage MUST be paid in FULL for 1 year. Financing the insurance is NOT acceptable. If policy paid in full prior to closing, a PAID receipt must be mailed to us. MUST include hazard and windstorm. A policy that does not have hazard or windstorm will NOT be accepted. Coverage must be 110 % of the loan (ex. $100,000 x 1.10 = $110,000 coverage.) Additional insured &/or loss payee must be in the name of the lender
If you have any questions concerning our requirements, please call us prior to the closing.
Thank you, Pat Kiehl