insurance policy cancelled whats next?

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PostPosted: Sat Sep 09, 2017 7:37 am   Post subject: insurance policy cancelled whats next?  

I have a few rental properties that I have recently purchased. I received a letter from my insurance company today stating that they had to cancel my policy due to water damage to the ceiling of one of my units.



I only purchased the property a few months ago and I had an inspection done that did not show anything like this nor have I heard anything from the contractor that my property management company had go in to the property to take a look.



None the less this is obviously something I am going to have to take care of. My immediate concern however is how this cancellation of insurance will affect my mortgage on my loan. I am worried that if I am not able to secure insurance with another company while I fix this problem that my loan may be called due by my lender.



Does anyone have any knowledge or experience with this kind of thing?



Please help.

Thanks!



I didn't find the right solution from the Internet.



References https://www.biggerpockets.com/forums/95/topics/485280-insurance-policy -cancelled-whats-next



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