Homeowner's Insurance vs. Builder's Risk Insurance
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In this episode of renovatED for Lenders, Jennifer “The Reno Gal®” Goldsby examines the practical difference between homeowner’s insurance and builder’s risk insurance, why renovation lenders need to address coverage early, and how changes to the property’s condition or occupancy can affect insurability.
Jennifer is not an insurance expert, and the appropriate coverage must be determined by a qualified insurance professional. However, mortgage loan officers and loan processors should know when to involve the borrower’s insurance agent, what questions need to be resolved before closing, and why assumptions about coverage can expose the borrower, contractor, and lender to unnecessary risk.
For a consumer-focused discussion featuring Susan Morgan of Shepherd Insurance, listen to the companion episode of renovatED: Homeowner’s Insurance vs. Builder’s Risk Insurance.
Sponsored by Land Gorilla
renovatED for Lenders is the podcast dedicated to helping mortgage lenders build, improve, and scale successful renovation lending platforms.