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Does home insurance pay for home equity line of credit when you have a house fire?
Wiki User
∙ 10y ago
No, it won't pay your mortgage note or your equity line note, but your homeowners insurance will pay to repair the fire damage to your home.
Wiki User
∙ 10y ago
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Is insurance an asset?
Insurance is there in the hope that you will never need it! For instance, having your home fully insured would be an asset if your house suffered a fire and was totally gutted. But, if you never suffer a fire gutted house, your insurance payments are outgoing payments that are not recoverable.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
Who invented fire insurance?
Benajmin Franklin was resposible for the first fire company and fire insurance company.
How can GMAC Mortgage co put ins on your mortgage account without your permission?
Your security deed or debt deed requires you have fire & hazard insurance. If you fail to show proof to your lender they can "Force" insurance on your property...and it is always MUCH higher than if you get it yourself. It is done to protect the lenders interest in the property in the event something like a fire destroys the home. If you are talking about mortgage insurance and not homeowners insurance then it is also required unless you make a 20% down payment on your purchase or have 20% equity on a refinance.
Is fire insurance money taxable?
no
Is homeowner's insurance liable if your car is at their house and is destroyed by a fire at their house?
Yes
How to get help after a house fire?
Try calling your insurance company.
What kind of insurance pays to replace items destroyed by a fire in your house or apartment?
renter's insurance
What if neighbor's house catch on fire then yours but your neighbor has no insurance?
If you have fire insurance on your own home you will be covered under your own policy. You don't need to worry about whether the neighbors house has insurance or not. It does not affect the coverage you have under your own policy.
What exactly is house contents insurance?
House contents insurance provides insurance coverage for the possessions in your house in case of fire, theft or other damages. If you have a lot of things or your possessions are worth a lot of money you should have this type of insurance.
Can the Insurance Company force you to rebuild your house after a fire?
No, an insurance company can not force you to rebuild your house after a fire. They can tell you how much they are willing to offer you for the damage on your home. At that point you can decide whether to rebuild or move.
What does buying insurance is saving money mean?
It is not literally true that buying insurance is saving money. Insurance is designed to give you financial protection from specific problems. For example, if your house burns down but you have fire insurance, you will be compensated and will be able to buy another house. That would save you money, as compared to what would have happened if your house burned down and was not insured, forcing you to spend money on another house or some other form of housing. But if your house never burns down and you have fire insurance, then the fire insurance is just an expense, it does not save you money.
Is insurance an asset?
Insurance is there in the hope that you will never need it! For instance, having your home fully insured would be an asset if your house suffered a fire and was totally gutted. But, if you never suffer a fire gutted house, your insurance payments are outgoing payments that are not recoverable.
Where can I find a house insurance calculator online?
It is always good to know exactly where you are to be able to afford house insurance or not. It is really important to have house insurance in case of fire, etc. Here is a calculator: homeinsurance.com/calculators/
Who will give you house insurance after a house fire?
You can buy it anywhere, depending though on the reason for the fire you may pay a higher premium than before.
When your house gets burned down and you are all sad about it how can you cure the sadness and how can the insurance help?
your sadness can be cured if your house was insured in a fire insurance before it was burned and the insurance can help you through your claims
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
