SideShow09
New Member
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Question #1 - Can a mortgage holder (lender) restrict, control or otherwise demand that you get home insurance through a specific home insurance company?
Question #2 with background - My friend just bough a residential home in Greenville, MI. She had all the appropriate assessments, inspections, evaluations, appraisals, tests, ect done prior to closing and ultimate purchase of the home and property with financing. All evaluations and inspections of the home showed no significant issues. The home actually had 2 inspections for reasons I am unaware of. Question: the home insurance company, that the mortgage lender states is the only insurance company they will allow her to use, demands that she replace her rough or they will not cover/charge a rediculas amount. The stated reason is in reference to 6 shingles that have some organic growth (not mold or anything harmful not sure what but some moss or something similar I believe). They said replacement of the area was not possible and only full replacement of the rough would adaquitly remedy the situation. A licensed contractor came out and inspected the rough stating everything is fine and the rough has at least 5 years of life if not more before replacement is warranted. The insurance company dismissed this information and continued with their original statement of complete replacement. There are no leaks in any portion of the rough. Does any of this sound fishy? If this small portion of the rough was of any concern should it have been brought to the attention of the home buyer during all the inspections and evaluations? Any advice on the matter or directions to some that could offer some advice would be greatly appreciated. Thanks for your time.
Question #2 with background - My friend just bough a residential home in Greenville, MI. She had all the appropriate assessments, inspections, evaluations, appraisals, tests, ect done prior to closing and ultimate purchase of the home and property with financing. All evaluations and inspections of the home showed no significant issues. The home actually had 2 inspections for reasons I am unaware of. Question: the home insurance company, that the mortgage lender states is the only insurance company they will allow her to use, demands that she replace her rough or they will not cover/charge a rediculas amount. The stated reason is in reference to 6 shingles that have some organic growth (not mold or anything harmful not sure what but some moss or something similar I believe). They said replacement of the area was not possible and only full replacement of the rough would adaquitly remedy the situation. A licensed contractor came out and inspected the rough stating everything is fine and the rough has at least 5 years of life if not more before replacement is warranted. The insurance company dismissed this information and continued with their original statement of complete replacement. There are no leaks in any portion of the rough. Does any of this sound fishy? If this small portion of the rough was of any concern should it have been brought to the attention of the home buyer during all the inspections and evaluations? Any advice on the matter or directions to some that could offer some advice would be greatly appreciated. Thanks for your time.