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Does homeowners insurance pay off your mortgage if you are sick and dying?
Wiki User
∙ 16y ago
Homeowners insurance does not provide any coverage for paying the mortgage payment - it only covers damages to the house itself. For coverage to pay off the mortgage in case of illness, accident, or death, you need disability coverage and/or life insurance. Disability coverage will generally pay a monthly benefit for as long as you are unable to return to work due to injury or illness, while life insurance pays a lump sum to your beneficiary upon your death.
Wiki User
∙ 16y ago
Wiki User
∙ 9y agoNO,, Homeowners insurance insures the house for covered perils, typically fire, wind, hail, etc.
Mortgage insurance would be coverage for the mortgage note in the event of death or disability of the buyer.
Disability insurance also does not pay your mortgage note. it generally provides you with monthly income or lump sum payments that you can spend on whatever you want, including everything from groceries, monthly house notes, utilities, etc.
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