“Insurance (“Building Insurance”) on all buildings, fixtures, and improvements located on the Trust Property against fire and “special perils” (including “ordinance or law coverage”), in amounts at least equal to the greater of: Language in deeds of trust and mortgages that pertains to the requirement of replacement cost coverage: Short-snippet definition of each coverage is included. G) Types of insurance available relating to the real estate industry. The following subjects will be covered.Ī) Language in deeds of trust and mortgages that requires replacement cost coverage.ī) Insurance binders and certificate of insurance.Ĭ) How do mortgage lenders protect their financial interest in the event of a reimbursable insurance claim?ĭ) Insurance disclosures in a borrower loan application.Į) Loan processing ordering insurance coverage on behalf of the borrower. Part II pertains to insurance in relation to real estate transactions. The article is broken down into part I and part II. This overview of property insurance has relevance to property owners, real estate agents & brokers, mortgage agents & lenders, insurance agents & brokers, escrow officers, and title insurers. ![]() In this article, he discusses “Property Insurance Coverages, Part II, An Overview” You can read more articles by visiting his website. ![]() Property Insurance Coverages, Part II, An Overviewĭan Harkey, at writes great articles about real estate on his website.
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