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Updated about 6 years ago,

Daniel Kong's profile image
Daniel Kong's profile image
Daniel Kong
  • Rental Property Investor
  • from Honolulu, HI
  • Member since Sep 3, 2018
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User Stats

335
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251
Votes
Daniel Kong's profile image
Daniel Kong's profile image
Daniel Kong
  • Rental Property Investor
  • from Honolulu, HI
  • Member since Sep 3, 2018
Connect
Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
251
Votes |
335
Posts
Private Lending & Conventional Mortgage Advice

Do I need REPLACEMENT COST Insurance for a Conventional Loan?

Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
Posted

I'm in the process of purchasing a property worth about 100k using conventional financing. Do I need to buy Homeowners insurance for the replacement of the home (quoted at 530k), or can I just get Insurance to cover the 100k purchase price? It doesn't make sense to me to spend 530k to replace a home that will be worth 100k after its done. Just wondering what my options are. 

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