why do we need to have insurance on the land portion of our construction loan?
Mary B asked:
We are getting a construction loan through Wells Fargo. We have bought land already and have a loan on it with another bank that we are going to roll over into the construction loan. Our loan officer told us that we have to get insurance on the whole loan amount but that doesn’t make since. Why do we need to have home owners insurance on land?
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Filed Under Renting & Real Estate |
Tagged With Construction Loan, Insurance, Wells Fargo