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.
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.
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.
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.
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.
Yes. The dealer will require proof of insurance prior to letting you take it home. Especially if there is a loan on the vehicle.
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.
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.
The bank will only take the home they foreclose.
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.
IRDA Official willbe able to answer this correctly.
No, the only parties who can obtain coverage are the ones who actually own the home.
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.