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

2006-04-12 19:59:05
This answer is:
User Avatar
Study guides

The top term of a fraction

The bottom term of a fraction

A number being added to another number

A fraction whose numerator is equal to or greater than the denominator

See all cards
1 Review

Add your answer:

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

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.

People also asked