How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Attyadvisor Your Own Question
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5524
Experience:  28 years of experience in general practice, real estate law and estate law.
Type Your Real Estate Law Question Here...
Attyadvisor is online now
A new question is answered every 9 seconds

Can refer me to a listing of reputable home insurance

This answer was rated:

Can refer me to a listing of reputable home insurance policies, with all these limitations even if have not claimed anything, I'm going to try to perhaps find an alternative to my homwowner's insurance.

Also, what type of policy does a company have to offer in order to eplace my homeowners' insurance, I live in a condo, I remember I got a very good quote with Geico but my lender told me that wouldn't work because they did not offer the exact type of coverage that "fited" my mortgage(this was 6 yrs ago) haven;t called the mortgage company again , but I just want to do a bit of homework (and get this hopefully small claim issue dealt with) before changing insurance companies. Thanks again

Welcome and thank you for your question. I will be the professional that will be assisting you.

Your best bet is to contact the Connecticut Department of Insurance and check the standing of those companies licensed and doing business in the State.

Your governing documents should set out your policy limits if not I can provide the Statute. Can you tell me the type pf policy that Association requires and the limits?

"Sec. 47-238. Rights of secured lenders. (a) The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units or who have extended credit to the association and whose consent rights have been granted by agreement, approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to (1) deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board, or (2) prevent the association or the executive board from commencing, intervening in or settling any litigation or proceeding, or (3) prevent any insurance trustee or the association from receiving and distributing any insurance proceeds except pursuant to section 47-255.

(b) A lender who has extended credit to an association secured by an assignment of income or an encumbrance on the common elements may enforce its security agreement in accordance with its terms, subject to the requirements of this chapter and other law. Requirements that the association must deposit its periodic common charges before default with the lender to which the association’s income has been assigned, or increase its periodic common charges at the lender’s direction by amounts reasonably necessary to amortize the loan in accordance with its terms, or to have a court appointed receiver of the association collect and disburse common charges after default, do not violate the prohibitions on lender approval contained in subsection (a) of this section."

This is a lin for the entire act

Customer: replied 2 days ago.

I think I confused you. I am not writing on behalf of an association. I am an individual mortgage holder, joint owner with my wife of a unit in a condo. The Mortgage company (a large bank) was the one that only accepted certain insurance companies in order to go ahead with my mortgage and do the closing.

A separate comment is that these official lists don't say too much about practical experience people have with claims. I am talking more listings from the BBB or more to the point, rankings etc done by publications, preferably with comments , how well people did when claiming etc.

Please adjust your responses accordingly.

I understand that you are the condo owner and that you are trying to find a policy to satisfy the lender. That is why I suggested the State Department of Insurance as they provide the licensing and the standards for Insurance companies in the State. I have no idea how a mortgage company can restrict you to a list of insurance companies that they will except as this is no longer allowed in the industry. Any licensed insurance company in good standing that can provide the coverage you need should be able to do so. Did the mortgage company provide what the coverage is that they are requiring for your unit with them as additional insured?

Customer: replied 2 days ago.

Sorry, I didn't understandthe wording of your last question. To add to your understanding this is a very large bank/mortgage company. I don't remember the reason they gave but the fact was, this choice was restricted. I am going to try to get around this now years later, so I want to try to choose the best if possible. I looked at the state ofCT Dept of insurance page and will look more in detail, but I really would appreciate if you have come across any rankings because these typically go into the details real people face when they do their claims. I think this is where the rubber hits the road, as they say. You never know how it;s going to work until you actually file a claim, and the 2nd best thing to that is the experience of other people. Thanks

The situation that concerns me is that trying to steer you toward certain insurance companies is not permitted. I was merely suggesting that you check the companies licensing status to make sure they are in good standing in the State.

I am very concerned that you were provided with preferred insurance companies. If this involves any sort of kick back situation with the lender that is an issue.

Attyadvisor and other Real Estate Law Specialists are ready to help you

Please do not hesitate to ask me any additional questions that you may have with regard to this matter as it would be my pleasure to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

The Attorneys on the site do not receive credit for their time or work if the customer does not rate us positively. There is no additional charge to you for a positive rating and you can still receive a refund. Thank you for your consideration.

Customer: replied 2 days ago.

Not too concerned about what happened in 2010, just wanted to get my mortgage and my closing (plus the money we had to put up). Didn't research companies at all, simply asked Geico because I had car insurance with them, when they said another company was required, I didn't give it 30 seconds of thought.. Would likenow that I'm more attentive (and looking at people's bad experience with many home policy claims) to get the best insurance co. now. Thx for your recommendation, don't think foul play involved because of the solvency of the lender, perhaps more a case of incompetence or laziness on the mortgage handler's part(not necessarily bank policy)(also if there had been foul play, I would have heard, we are around 300 coowners, with mortgages since 6 yrs ago)

Related Real Estate Law Questions