Best Answer

No. However, they will force place an insurance of their choosing for usually two or three times the average cost of a policy you could buy with a carrier. Also, it only provides coverage for the house itself, no coverage is allowed for your possessions. So, for instance, if you were robbed, you would probably have no coverage to replace your stolen possessions. Not a good deal. Lastly, they add the cost to your monthly mortgage payment.

User Avatar

Wiki User

โˆ™ 2006-04-12 19:59:05
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Can the bank take your home if the insurance is canceled?
Write your answer...
Related questions

Can your homeowners insurance be cancelled due to old shingles?

The HO co has the right to cancel your policy or non-renew if you fail to take care of your home so yes. Replace your roof. A canceled policy makes it very difficult for you to get insurance in the future.

Which healthcare agencies will take insurance for procedures done at home?

Most healthcare agencies will take insurance for procedures done at home. Whether or not home insurance procedures are accepted depends on you insurance provider and if its included in the policy.

What it mean when a bank assign themselves on your home owners insurance?

It means you still owe them money. You still owe the bank for the house so you can not by law take them off the policy. It is not really your house until you pay them off. A bank or lender will assign themselves as a loss payee on a home insurance product whenever the homeowner/borrower fails to do so. The bank or lender does this to protect their loan in the event of a property loss.

Not paying insurance surcharge will it effect your credit score or will the insurance policy just simply be cancelled?

The surcharge is part of the bill and I imagine your policy would get canceled if not paid in full eventually. If it does get canceled you will find it difficult to get insurance through another company and they can ding your credit for non payment but usually that take a few months depending on the company.

Do you have to have insurance before you can take it home when you buy it from a dealer?

Yes. The dealer will require proof of insurance prior to letting you take it home. Especially if there is a loan on the vehicle.

What is home contents insurance?

Home contents insurance is the type of insurance that a renter would take out. He or she would not be in need of insuring the home, per se, but would want to protect his or her own belongings.

What if you don't have homeowners insurance?

If you don't carry homeowners insurance and you have your home financed, you are breaking the contract and your bank will take out a forced place policy to cover their interest in the home and you will have to pay the premium which is far more than a homeowners policy. If it's not financed, you take the entire risk of loss upon yourself.

If you own two homes can you foreclose on one and the bank not take the new one your living in?

The bank will only take the home they foreclose.

What are some of the responsibilities of a homeowner?

First of all you must pay the bank a payment each month unless you paid in full for your home up front. Then you have insurance, taxes to pay. You will have to pay for the upkeep of the home, and take care of the lawn outdoors.

Can a icici bank insist to take icici prudentiallife insurance policy for hiring locker in icici bank?

IRDA Official willbe able to answer this correctly.

If your credit in poor and your home owners insurance dropped you can you have a sibling take out insurance on your house?

No, the only parties who can obtain coverage are the ones who actually own the home.

Does your home insurance cover elctrical problems?

This depends on what you mean by electrical problems. Home insurance is not made to handle maintenance of your home as this is your responsibility. Insurance is made to take care of sudden and accidental occurrences where the damage is due to a covered cause.

How to protect your property with homeowners insurance?

You have a home that is filled with furniture, clothes and other belongings. You worked many long years to build up equity in your home. Your home is the biggest investment you will make in your life. How do you protect that investment? If there is a fire and everything you own is lost, what can you do? In order to avoid winding up with nothing, you need to buy homeowners insurance as soon as you buy your home.If you are buying a new home, and you are getting a mortgage, then you have no choice but to buy homeowners insurance. The mortgage company or bank will make you buy homeowners insurance as part of the agreement to lend you money. They don’t want to lend money on a home that could possibly burn down. If your house burns and you have no insurance, then you and the bank would both be on the losing end. The bank can’t stay in business losing money.If you are paying cash for a home, you should still buy homeowners insurance. Once you know you are going to close on your home, get in touch with an insurance agent. If the company you deal with for car insurance also sells homeowners insurance, that is a good place to start. Have them give you an estimate for what the policy will cost. Get at lest two more estimates from other insurance companies.An insurance agent will ride by and look at your home from the outside, and most likely take a few photos of the house. You will have to provide them information on your personal goods and from there a quote will be worked out. Once he gets all the necessary information the agent will come up with the annual cost. There are variables that also come into play, such as how far your house is from the fire department or if there is a fire hydrant close to your home.Any type of insurance is a necessity, but homeowners insurance is the best insurance investment you can make. Buy homeowners insurance and protect your property and you investment. Don’t get caught uninsured

Can your car be repo if you have no insurance?

The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.

What is a bank foreclosure?

It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.

Can the bank take your home?

Can a bank foreclose on property secured by a mortgage? Yes, a bank can and will foreclose on property if the terms/conditions of the mortgage are not being met.

What should you do if you left your insurance card at home and got a ticket for no proof of insurance?

go to traffic court and take your proof of insurance with you. this will prove to the judge that you have insurance and they will usually remove that part of the ticket.

How long does it take to get the claim check from a life insurance policy?

my mother pased away on 4/28 and the funeral home filed her life insurance on the 29 or 30 how long does that take to receive a check for life insurance

Can a bank add insurance to a loan?

Yes. If you do not have insurance on a car or house that is used as collateral for a loan the lending institution can take out insurance and charge you for it. The insurance THEY use will be far more expensive than what you can purchase privately, and will not protect YOUR interests, only theirs.

What is the take home salary of Indian bank clerk?

00 rupees lol

Can the insurance company take without notice 1000 from your bank account for clutch braking down through what they claim bad driving?

That depends on the terms of your insurance. But as a rule the answer would be No.

How to take out insurance policy on abandoned home?

To get an insurance policy on an unoccupied property, consult your insurance broker or do some research on your own. This will give you all the different options to choose from.

What happens if you rear end somebody in Illinois and your insurance was cancelled because the payment was late?

If you rear end someone in Illinois and your auto insurance has been canceled for non payment, it is likely that you will get sued. The person you hit can take you to court for compensation which will come out of your own pocket.

When you purchase homeowners insurance why do they have to take pictures of the house and do they take just the outside or do they do the inside as well?

Insurance agencies take pictures of the outside of your home to document any previous damages. Whether they take pictures of the inside is at their discretion.

Can you sell your home after you use it as collateral?

No, you cannot. The moment you declare your home as collateral, the bank would take control of the home documents. Until you finish repaying the loan fully, the bank would not release the documents. During this period, trying to sell your home is a criminal offense and the bank can have you jailed for this