All Forum Posts by: Kyle Harmon

I finally found coverage through another broker, and it was double.

I have been reading a lot recently of Florida Insurance companies cancelling insurance policies, now it has happened to me. My insurance company cancelled my policy on a rental duplex with very short notice. Their reason was for the age of the roof, even though the roof is still in good condition and I have had a wind mitigation report done. I have a contract to have the roof replaced, but all the roofing companies are backed up, a lot of people in my situation are being forced to have a perfectly good roof replaced. I can’t find another company that will insure a roof over 15 years old. So in 3 days I will have no insurance, right at the beginning of hurricane season. 

Has anyone else been in this situation? Any suggestions to get insurance coverage until my re-roof is complete? 

Thank you all for the help!

I think we have it resolved. Keller Mortgage waives the points if you are using a Keller agent. I am not using a Keller agent and they did not realize that until now. They agreed to take the charge off and they are finalizing everything now. I appreciate the fast responses. Thats why I love this forum. I have found the answer to every question here.

@Alan Lacey Great info! Thank you.

@Raymond J. Rodrigues Absolutely, I will reach out to you for my next purchase or refi.

@Raymond J. Rodrigues Thank you, that is good to know. I am using Keller Mortgage. They have been great to work with, but I just got this little surprise this morning. They are looking into it now. Hopefully they will remove it without too much delay.

@Jay Hinrichs Thanks Jay, it is federally insured. I made title aware and I'm just standing by for an answer from the bank.

Hello BP,

I am looking for some advice. I am writing this as I sit on the airplane flying to FL to close on a duplex today. I have a rate lock with my lender that did not include points or origination fees. We are closing a few days before my rate lock expires. I just recieved the final CD and they added .5% points. The loan officer told me from day 1 there would be no points and none of the previous CDs or loan estimates included points. I haven't gotten a response from the loan officer yet and I am supposed to close in a few hours. The additional charge isn't much, but it is not what we agreed on. Does anyone have advice on how to handle this situation?

Thank you for your help

Hi Jennifer, congratulations on your first property! I am new to investing in Bethlehem, still searching for my first buy and hold rental in the area.