Need to insure a newly purchased property for tenants without the bank calling the loan.

[Luke M.]

I just purchased my first investment property 2 1/2 months ago in San Diego on a personal loan with the intention of living in it for 1-2 years, and then renting it out. Everything was going to plan until I received an offer for my dream job, and am now moving to New York in a week. The place rented on a one year lease with no problems. What I want to do is change my insurance to accommodate renters, but I'm afraid of the bank calling the loan due to how new it is (I've just only made my first payment).
I would also like to quit-claim it, and place it in an LLC, but again, I'm apprehensive of them calling it.

So would it be wise to get a few payments on their books before doing so, or am I just being paranoid? Bank Of America has purchased my loan, and currently hold it.

Thanks in advance for the help.

[Jon Holdman]

I think the risk of the bank calling the loan is much lower than of the insurance company refusing to pay if the tenants cause a claim. You have a legitimate reason - the new job offer and the move.