Lender Refusing to Accept Commercial Insurance

[Reginald Ross]

Hi All,

Bank of England currently services an investment property loan for one of my rentals and it has been the worst experience I’ve experienced to date.

After a completing the refinance, I attempted to consolidate the home under my blanket commercial insurance policy which covers 24 other properties, however they are refusing accept it.

The benefit to me is being able to save ~$1200/yr on insurance by switching to the commercial policy.

I’m being told that it is BOE’s policy to not accept commercial policies on investment property loans.

Does that sound remotely legitimate? Can a lender say what insurance they will and won’t accept?

I get the feeling that they just don’t want to do the research or the work to switch my insurance but wanted to get some opinions before I really start raising hell with them.

Thoughts?