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You don't HAVE to cover your property with homeowners insurance once your home has not mortgage but you could lose everything if you had a fire or if someone was injured on your property. Some HOA's require some type of insurance on every property regardless of mortgage. Its not a wise decision to drop coverage.

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โˆ™ 2013-04-03 14:53:36
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Mortgages

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When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

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Q: Do you need home owners insurnace after you pay off your mortgage?
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Related questions

If your mother is on the mortgage loan can you refinance the home in your name if you are on the deeds?

The mortgage will need to be in the name of and signed by all the owners of the property. If your mother is an owner then she must sign the mortgage.


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A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.


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Mortgage calculators perform numerous jobs, and that is one of them. What you do is just simply add it into the figures and percentages. If this does not work you can get one that specifically calculate the amount.


Do you need to purchase home owners insurance in order to obtain a mortgage?

It depends on the agreement, in some cases yes because if you are paying for the house through mortgage then they want to make sure that everything is able to be replaced if it breaks, but in most cases no, your insurance is separate to the mortgage so you don't need to worry


What happens to the mortgage if house owned by two separate individuals and one dies?

Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.


Can you use a second mortgage as a down payment?

You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.


How can you refinance your home mortgage?

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How do you pay back Reverse mortgage?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.


What information is needed to refiance a loan with Riverside Mortgage?

There is a lot of documentation needed in order to refinance a home loan with riverside mortgage. You will need the details of your first mortgage, as well as proof of current income and liabilities. Then you will need to get an appraisal of your home.


Does the homeowners association have the right to evict us if you are not in foreclosure with your mortgage company?

A homeowners association has powers that are granted by the home owners and agreed to when you move in. You need to examine your agreement or talk to a local attorney.


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What is the monthly payment on a home on Hibiscus Island in Miami?

First you need to know the purchase price of the home and then figure out the amount of the mortgage you will take out on it. Use a mortgage calculator (bankrate.com is a good one) to estimate what the payments will be. The actual payments will depend on what interest rate you get from your lender and what expenses you choose to include in the payment, such as property tax and home owners insurance.

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