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No. For that kind of benefit you need mortgage insurance or a life insurance policy.

No. For that kind of benefit you need mortgage insurance or a life insurance policy.

No. For that kind of benefit you need mortgage insurance or a life insurance policy.

No. For that kind of benefit you need mortgage insurance or a life insurance policy.

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โˆ™ 2013-03-06 14:06:37
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โˆ™ 2013-03-06 14:06:37

No. For that kind of benefit you need mortgage insurance or a life insurance policy.

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Q: Does homeowners insurance pay off your mortgage if one of the homeowners dies?
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Does homeowners insurance cover your mortgage if you are laid off?

No. This is not what homeowners insurance is for. Homeowners insurance is to pay for physical damage to your home and contents.


Do I need homeowners Insurance after I pay off my mortgage?

Only a lien holder can require a borrower to carry insurance.


If owner of a house dies does insurance pays off house?

Only if they had mortgage insurance.


What type of insurance do you need in order for the mortgage to be paid off when one owner dies?

Joint Mortgage Term Life Insurance


What is the difference between mortgage loan insurance and mortgage life insurance?

Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.


Do all states require a homeowner to carry homeowners insurance even afer a house is paid off?

No, Not a single one of them. There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.


Would homeowners insurance cover the remaining balance if the owner dies?

No, homeowners insurance pays for damages and losses due to certain hazards listed on the policy. Typically, Fire, wind, Hail, falling objects etc, But it will not pay the mortgage note nor pay the house off due to the death of a buyer.


Does homeowners insurance pay off your mortgage if the house is lost to fire while under construction?

No. A homeowners loss while under construction is covered by the Builders Risk Policy.


Mortgage is in your name spouse dies will mortgage life insurance pay off house?

If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.


Am I required to have a homeowner insurance policy?

Unless you've totally paid off your house, mortgage companies will generally require you to have a homeowners policy.


Does home owners insurance cover the mortgage if you die?

No. Homeowners insurance provides property and liability loss insurance. It is not life or disability insurance. You can purchase a term life insurance policy that decreases in coverage along with the mortgage balance on your home. You can even purchase a joint policy that would pay the house off when the first person (like and husband and wife) dies then the policy would cease. This type of policy is cheaper than purchasing two seperate life insurance policies and still does what you want it to do, that is not leave the surviving spouse with a large mortgage balance on the home if one of you dies before the other.


How does paying off your mortgage affect the cost of obtaining homeowners insurance?

Depending on the insurance company they may give you a discount, usually 5- 10%. In essence when you have a mortgage on a property the insurance company notes it on your homeowners policy and sends a letter to the mortgage holder providing proof that you have protected their (your house) asset by insuring it. Discounts that may be available: Mortgage Free, Monitored Alarm Discount, Multi Policy, Claims Free, Senior.

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