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Why would they go via the house buyer? They can insure the house themselves.
by thaumasiotes 2y ago
Why would they go via the house buyer? They can insure the house themselves.
- ndsipa_pomu 2y agoIt's common for the house buyer to want extra insurance (e.g. contents) whereas the bank is only interested in the house as a sellable structure, so it makes sense for the buyer to take on the insurance requirement (it's also less paperwork for the bank).
- thaumasiotes 2y agoInsuring the contents of a home is routinely done as an entirely separate matter from insuring the structure. All renters have to do it that way. You can do it that way in a rent-to-own scheme too.
- ndsipa_pomu 2y agoWe've got combined buildings and contents insurance, but yes they're often separate. My point is that owners want more from the building insurance than a bank cares about.