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That's not really an option for almost anyone with a mortgage on a home -- the lender will require home insurance with themselves listed as the primary payee.
by t3rabytes 3y ago
That's not really an option for almost anyone with a mortgage on a home -- the lender will require home insurance with themselves listed as the primary payee.
Same with an auto loan for most lenders (Lightspeed being one of the abnormal ones that doesn't hold the title to the vehicle as collateral).
- madaxe_again 3y agoSure, but if the lenders find themselves out of pocket because insurers repeatedly refuse to pay, they will change behaviour too - such as by no longer lending. Also, no such requirement in the U.K. - 3rd party vehicle insurance is mandatory, but home insurance is up to you - no lender I’ve ever had has mandated it.