Friday, August 17, 2007

query: can a lender require hazard insurance on a tool shed in florida


OK, well, I don't think it really matters what state the property is in, the issue is more a collateral issue. Any mortgage lender is going to want to protect the security for their loan. That means that if you have a tool shed that is really terrific - so terrific that its loss would impact the value of the collateral, well then I wouldn't blame the lender for requiring the insurance.

Grant you, it's a rarity, but that must be some tool shed.

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