Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Do mortgage companies require proof of tenant insurance if you are renting the home to a third party? ?

and do they do some type of inspection at any time?

4 Answers

Relevance
  • 2 weeks ago

    They will do the inspection at the beginning, in order to qualify you and they will require proof as part of the qualifying process.  Later on, after you have the loan, they may from time to time check on things.  I don't know if they do years later or how often.

  • 2 weeks ago

    The lender requires the owner/borrower to carry hazard (home owners) insurance regardless of whether the property is rented to tenants with renters insurance. Renters insurance is not a substitute for homeowners insurance.  It is common for the insurance company to inspect the property when first gaining the insurance, but not necessarily so in subsequent years unless a major claim has been made.

  • 2 weeks ago

    No......But yes sometimes the insurance carrier will want to inspect a rental property.  Especially on commercial properties.

    I've had Mercury Insurance come out and inspect some of my rentals and want certain repairs to be done.

  • Anonymous
    2 weeks ago

    you mean landlord insurance or the tenant having their own renter's insurance?

    mortgage would require the home to be properly insurance, and I would think that includes landlord insurance (in case the tenant destroys the place)

    tenant insurance doesn't really cover the house or land...it would cover liability if the tenant did something stupid and caused a lot of damage....but as long as there was landlord insurance, it would be covered..so i doubt the mortgage company would require tenant insurance...i know tenants that don't have insurance, i don't know if their landlords have a mortgage or not.

Still have questions? Get your answers by asking now.