Many California homeowners are concerned about their home insurance, and that anxiety ratcheted up when State Farm requested one of its biggest rate increases ever.
No no, the bank doesn’t pick a 3rd part company, they will place insurance on the house, usually with a bank subsidiary or other kind of bank entity. Usually is only for replacement value of the house, not theft or anything. It’s placed to protect the bank only, and you pay.
They don’t get a state farm policy… The bank gets a “this bank insurance company” policy.
Yeah. I understand this, my question was about what happens when no insurance company wants to insure the property?
No no, the bank doesn’t pick a 3rd part company, they will place insurance on the house, usually with a bank subsidiary or other kind of bank entity. Usually is only for replacement value of the house, not theft or anything. It’s placed to protect the bank only, and you pay.
They don’t get a state farm policy… The bank gets a “this bank insurance company” policy.