Owner Occupant Insusance to Landlord Insurance

[Matt F.]

Hi All,

I currently own two rental properties. The first was financed as an investment property and set up with the insurance company as an investment property. The second I had trouble finding a bank to lend, so it was set up as an owner occupent. I did live in the property for 3 months, but have rented it out since then. The issue I have is the insurance policy on the second property is still under owner occupant.

There is an HOA which covers the property replacement costs in the event of a fire, ect but it does not cover liability. The current policy I have throught the insurance company covers liability but only for the owner. I would have no problems switching it over, but I am worried the bank will call the loan due. What are my options here? Can I ask that the insurance company does not tell the mortgage company that I have switched the policies?

Thanks for the help