Home Insurance Question

[HardcoreRobot]

bought my place with two loans, 80/15
at first the large one was owned by abn-amro, smaller owned by citi
then citi bought abn-amro, so now they have both the loans
citi then sold the small loan to POS Webster bank

the question is, do i have to do anything regarding my insurance policy / mortgagee clause seeing as different people need to get paid if the house burns down?

i think initially i only had to put the holder of the larger loan in the clause?

 

[Vic]

No, you don't have to do anything. Check your insurance dec/renewal page.

Mortgagee clauses always say ISAOA/ATIMA after the lender name, which means Its Succesors and/or Assigns As Their Interests May Appear.

 

[HardcoreRobot]

Ok thanks. Yeah I will check that when I get home, just a random thought that occurred to me while at work. I would *think* all that stuff was passed along with the loan, since I know it is common practice...

 

[PricklyPete]

Originally posted by: HardcoreRobot
bought my place with two loans, 80/15
at first the large one was owned by abn-amro, smaller owned by citi
then citi bought abn-amro, so now they have both the loans
citi then sold the small loan to POS Webster bank

the question is, do i have to do anything regarding my insurance policy / mortgagee clause seeing as different people need to get paid if the house burns down?

i think initially i only had to put the holder of the larger loan in the clause?

Your loans are getting banged like a screen door in a hurricane.