NREIG insurance with Mortgage

[Katherine Langevin]

Does anyone here use NREIG for insurance and if you do. Do you have mortgages? I am looking into them, but I don’t think this would work for me with a conventional lIan. Just looking to see what others who have NREIG have experienced. I am having a difficult time insuring a property in South Florida. 

[Chad U.]

Steer clear of NREIG.  We had a policy with NREIG on an REO recently that was vacant, which was gutted by a major fire. Even though it was reported as vacant, we were denied the claim  by their carrier, due to there being no working smoke detectors found. I believe the fire was started by a squatter.

This requirement, as ridiculous as it sounds, was in the master commercial policy, a copy of which had never once been provided nor had this requirement ever been stipulated by the agency. After this incident, NREIG now requires you to sign off every new property added to the portfolio stating it has working smoke detectors. 

I guess this was a learning experience for them, and they now require sign off to acknowledge this requirement.  Unfortunately, we were the guinea pig!