2nd Home Insurance - Stuck

[Adam Gonzalez]

Hey everyone:

So I put an offer down on a home which was accepted. This will be funded via a 2nd home loan. I do not currently own my primary residence. The lender is requiring a quote for home owner's insurance for the "2nd home" which must have a replacement cost insurance policy. When speaking to my primary insurance carrier, they indicated they cannot cover me because I do not own my primary residence. I am unsure what to do in this situation. When speaking with the lender, they indicated you can get a 2nd home loan without owning a primary residence. If that is the case, then how do people get insured in this situation? Any help would be useful. Thank you!

- Adam G. 

[Ryan Kempkens]

Find an independent agent in your area and discuss your plans for the property and have them quote you multiple carriers. There is a market for what your looking for, it will be insured as Home-rented to others. You current insurer may not write that kind of business but there are other companies that will and the process to get a quote for the lender is very simple and can be done quickly by a good agent. It's a good ideal to form a relationship with an good agent early they will be a valuable resource to you.