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What are folks doing in those cases? Where I live you can't get a mortgage if you don't have proof of insurance and until your loan to value in hits a certain amount the bank basically manages the policy.
Oh, if you can't get insurance, most all mortgages have a clause that says the bank can pick a policy (usually a really expensive one) and you are forced into it. Wonderful, isnt it?
Yeah. I understand this, my question was about what happens when no insurance company wants to insure the property?
No no, the bank doesn't pick a 3rd part company, they will place insurance on the house, usually with a bank subsidiary or other kind of bank entity. Usually is only for replacement value of the house, not theft or anything. It's placed to protect the bank only, and you pay.
They don't get a state farm policy... The bank gets a "this bank insurance company" policy.