0
Do you have to have buldings insurance on a mortgaged property by law?
Wiki User
∙ 15y ago
I doubt that the law requires it, but your mortgage company certainly does - if your house is damaged beyond repair and you depart, the company will want the means to get its money back.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What does insurance law deal with?
This branch as law deals with property, life, and liability insurance; fire and automobile insurance forms; and the regulation of insurance companies' policies and practices.
Is a mortgage company entitled to the insured's loss settlement?
They MAY be entitled. You will have to research your loan documents. If the lender believes is is the intention of the borrower to "walk away" and abandon the the mortgaged property, they MAY be able to attach the insurance settlement in order to protect their financial interest in the property. All of this would have to be done legally, of course, through a court of law.
What has the author Robert E Frankel written?
Robert E. Frankel has written: 'Insuring real property businesses' -- subject(s): Insurance, Property, Law and legislation, Policies, Property Insurance
What has the author Pamela J Brooks written?
Pamela J. Brooks has written: 'Introduction to claims' -- subject(s): Insurance, Liability, Law and legislation, Liability Insurance, Liability insurance claims, Property Insurance, Property insurance claims
Can one insurance carrier issue two policies to insure one property?
No, two policies cannot be issued against a single property as per Insurance Law.
I sold my house and my insurance company refuses to cancel my homeowners insurance unless I supply them with a settlement closing statement I live in Florida Is this the law?
If your home is/was mortgaged - the insurance MUST be in effect as protection to the mortgage holder. The insurance company is just making sure that you are not cancelling what is MANDATORY coverage to save yourself some money.
Mother died in California without a will. She left property and life insurance with no named beneficiary. Is probate required?
Yes. Any time a person dies owning property in the US their estate must be probated. Title to real property does not vest in the heirs until the estate has been probated. Until then the real property remains in the estate and has no legal owner. It cannot be sold or mortgaged or insured. You must consult with an attorney who specializes in probate law who can review your situation and explain your options. If your mother died intestate (without a will) her property will pass to her heirs-at-law under the state laws of intestacy. You can check the laws of California at the related question link provided below.
Do condominium owners have to have insurance in accordance with the Illinois condominium property act?
If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of a disaster, without insurance you may be doubly charged: once by the cost of recovering from the uninsured disaster and the second time by the law which may penalize you for not carrying insurance. Your property manager or member of your board will be able to answer your question specifically.
How much car insurance do you really need in Massachusetts?
You are required by law to carry Compulsary Insurance Only. This would be Liability and Property Damage. I believe the current limits are 20/40 Liability and 5,000 Property Damage.
How much property damage is covered in liability car insurance?
That all depends on your insurance and how much damage they feel was done. If they don't cover it, or if you don't have enough insurance, they can file a law suit.
Does Florida law require title insurance to transfer a property title?
No, Florida law does not require that title insurance be issued. The only requirement to transferring title, is that a proper deed be recorded. However, having said that, if you are buying a property from someone, title insurance is greatly recommended. Title Insurance is the only thing that protects you in the event you receive a fraudulent title, or you later find out that there are undisclosed liens or encumbrances against the title. I would never buy any property without the protection of a title insurance policy. If, on the other hand, your parents are transferring to you their property, and you already know the history of the title, title insurance would not be needed.
Are Arizona drivers required to have auto insurance?
Yes, state law in Arizona requires drivers to have auto insurance. The minimum required insurance is $15000 per injured person and $10000 for property damage.
