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It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.

If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.

It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.

If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.

It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.

If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.

It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.

If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.

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13y ago

It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.

If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.

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Q: Does insurance pay house off after house destroyed by fire?
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Is it mandatory to have homeowners insurance after you pay off your house?

No. Unlike auto insurance, homeowners insurance is optional and is not mandatory if your house is paid for. Just keep in mind though, if your home is lost due to fire, tornado, etc., you will not collect any kind of recovery for the loss. Also, without a homeowners insurance policy with liability coverage, you won't be covered for liability damages should someone fall or be injured in some way while at your home.


Mortgage is in your name spouse dies will mortgage life insurance pay off house?

If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.


Does homeowners insurance pay off your mortgage if you are sick and dying?

Homeowners insurance does not provide any coverage for paying the mortgage payment - it only covers damages to the house itself. For coverage to pay off the mortgage in case of illness, accident, or death, you need disability coverage and/or life insurance. Disability coverage will generally pay a monthly benefit for as long as you are unable to return to work due to injury or illness, while life insurance pays a lump sum to your beneficiary upon your death.


Does PMI pay the forclosed house off?

i believe it does pay the mortgagee, and satisfies it with them, but doesn't absolve you of repayment (what is left after they sell the house).........but i'd call (or read the policy) on your mortgage insurance


Does the lender get mortgage insurance to cover the loan and you get the homeowners?

No, that's not how it works. Mortgage insurance is to cover you defaulting on the loan, and you're expected to pay it. Homeowner's insurance covers the home itself in case of accidents. If they pay off the value of the home because it was totally destroyed, you're still responsible for the loan before you get whatever's left over.

Related questions

What happens when your house catches fire and you were planning on filing for chapter 13 Bankruptcy?

Assuming the fire was not set, you should have had insurance. If you had insurance that pays off the mortgage after a fire completely destroys the house, you are OK. If the insurance only pays the fair market value of the house, you will owe a balance. If the house was not completely destroyed, the insurance may pay enough to fix the burned portions. The effect on filing a Chapter 13 depends on possible complicated bankruptcy legal issues, some of which may depend on your state laws regarding homestead. Consult your attorney.


Why was the statue of Zeus destroyed?

it was riened by a fire and sent off to be destroyed by a jealous king.


If owner of a house dies does insurance pays off house?

Only if they had mortgage insurance.


What insurance pays off a house in case of a spouses death?

Credit Life Insurance.


Do you have to have insurance on your home after you pay the loan off?

In the United States, there is no requirement to have house insurance. However, most banks and lending institutions require you to have insurance while there is an outstanding mortgage on the house. Once you have finished paying off the house, you don't have to maintain the insurance. However, it is a good idea to continue the insurance plan if you can afford it. Without insurance, if your house burns to the ground, you are left with no place to live and no money to purchase or rebuild.


What happens when a boat is written off by an insurance company?

When a boat is written off, it becomes salvaged, usually it is destroyed to prevent further liability.


What happened to the statue of Zeus?

Nobody is really sure what happened to the statue, some say it was carried off to Constantinople, where it was destroyed in a fire in 475AD. Others say it was destroyed when the temple in which it sat was destroyed in 425AD.


How much does the agent make off house insurance?

Typically 10% commission.


What warns people of a fire in their house?

The smoke/fire alarm will go off or you will see smoke. You could also see the fire.


Is it mandatory to have homeowners insurance after you pay off your house?

No. Unlike auto insurance, homeowners insurance is optional and is not mandatory if your house is paid for. Just keep in mind though, if your home is lost due to fire, tornado, etc., you will not collect any kind of recovery for the loss. Also, without a homeowners insurance policy with liability coverage, you won't be covered for liability damages should someone fall or be injured in some way while at your home.


What happened to Edward Vogler on House?

Vogler was voted off by the board when Cuddy refused to fire House.


What to do in a basement fire?

If your basement is on fire the best thing to do is to shut the door to your house. Call 911 and shut off your gas supply to your house. This give the fire fighter more of a chance to get in there and stop it.