Suppose it could be the insurance company and not the property owners. In our experience, I was so proud the day we paid off our 30-year mortgage in 12 years. I went to county to have mortgage lien holder removed, as well as going to insurance company for same reason. About 3 weeks later we received a letter from insurance company canceling our insurance “because now that we didn’t have a mortgage, we were considered an insurance risk.” WTF! I went to Insurance Commission and filed a claim, only to learn it is a pretty common thing insurance companies do. They were fined and then contacted us that a mistake was made. Damn right a mistake was made. I wouldn’t have gone back to them for any amount of money. We built our cabin with money we had, as we had it. Never a mortgage — but has always been fully insured.
Bottom line — cheaper to have insurance on both houses at whatever cost, and better for peace of mind. |
