need help with real estate/ insurance/ mortgage....

[bgibson513]

What is the name of your state (only U.S. law)? louisiana

After many, many months of going through the process of buying a modular home/land, I finally closed on the deal last week. The mortgage company I am financed through required that I get a Homeowners policy and Flood Insurance QUOTE before it could all be finalized. I did that all of the people that needed a copy of the quote were apparently satisfied. Now, 5 days after closing, the insurance company that i got the quote from calls me and tells me that although they received payment for the insurance, the have not and will not insure my home until it is completely done. (it is about 75% done). My question is this--- should something happen to my home between now and time i am able to get insurance, will i be held responsible for the damage?

[HomeGuru]

Originally Posted by bgibson513

What is the name of your state (only U.S. law)? louisiana

After many, many months of going through the process of buying a modular home/land, I finally closed on the deal last week. The mortgage company I am financed through required that I get a Homeowners policy and Flood Insurance QUOTE before it could all be finalized. I did that all of the people that needed a copy of the quote were apparently satisfied. Now, 5 days after closing, the insurance company that i got the quote from calls me and tells me that although they received payment for the insurance, the have not and will not insure my home until it is completely done. (it is about 75% done). My question is this--- should something happen to my home between now and time i am able to get insurance, will i be held responsible for the damage?

**A: the answer is yes.

[The_Saint]

Originally Posted by bgibson513

What is the name of your state (only U.S. law)? louisiana

After many, many months of going through the process of buying a modular home/land, I finally closed on the deal last week. The mortgage company I am financed through required that I get a Homeowners policy and Flood Insurance QUOTE before it could all be finalized. I did that all of the people that needed a copy of the quote were apparently satisfied. Now, 5 days after closing, the insurance company that i got the quote from calls me and tells me that although they received payment for the insurance, the have not and will not insure my home until it is completely done. (it is about 75% done). My question is this--- should something happen to my home between now and time i am able to get insurance, will i be held responsible for the damage?

Yes. Who else would be?

[HomeGuru]

Originally Posted by The_Saint

Yes. Who else would be?

**A: there are no other players invovled so the answer to you is no one else would be liable for damages to the home. If there was a title co., they should have submitted a certificate of insurance to the lender prior to closing.