Asked by Shannon  |  Submitted November 30, 2015

We are buying our home on contract from owner, we pay the home insurance to them. Can we take out renters insurance to cover our belongings?

In the event something happens they will get the insurance money to cover the remainder of what we owe.

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  Answers  |  1

December 01, 2015

Very sticky. IF you have a fire the insurance checks are written to owner and lender jointly. If the hazard policy is an owner occupied one the lender will likely find out about the wrap around contract and can call the loan. You can get rental insurance but what if they ask for your lease?

$commenter.renderDisplayableName() | 09.30.20 @ 15:57