We are trying to close soon on a lovely home in Prospect Park South. The house was built in 1900 and current owners haven’t done much to it since the 60’s. We are planing a renovation that will include replacing electric and plumbing and renovating the kitchen and baths, along with some other cosmetic work.
The issue I’m running into is that because of the state of the house and our renovation plans, the insurance companies won’t give us a homeowners policy and will only give us a Builders Risk policy. BUT our mortgage agent says we need to have a homeowners policy to close.. Has anyone run into this before? I would hate for this to kill our deal since it’s such a great house… Any advice would be greatly appreciated!