No; homeowner's insurance is property coverage. Many forms of it do provide liability coverage (to defend and indemnify you if someone is hurt on the insured premises and you are determined to have been negligent), but in no case does it make payments of debts that you owe, such as a mortgage.
You would need to allocate a part of your worker's compensation payment toward the payment of the mortgage, or, if you have applicable short or long-term disability insurance, you could utilize that.
Alternatively, there are specialized individual insurance policies that can be purchased andthat are designed specifically to pay your mortgage for a period of time while you are disabled. If you are already injured and being paid workers compensation benefits, however, there may be a question of whether you will be accepted for such coverage, at least with respect to the current injury/illness. Insurance is generally not available to cover an ongoing loss/injury/illness unless it was in place before the loss/injury/illness began, because insurance by its nature covers fortuitous, not known, losses.
You may be best advised to contact the mortgage holder, explain the situation, and determine whether the missed payments can be added to the back end of the mortgage. While not ideal, it is far better than foreclosure.
Homeowners insurance does not cover your mortgage if you become disabled. You would need to obtain mortgage protection insurance for that.
No. This is not what homeowners insurance is for. Homeowners insurance is to pay for physical damage to your home and contents.
No. Homeowners Insurance does not cover the owners default on a mortgage note.
Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?
NO, your homeowners policy will cover 'additional living expenses' but will not cover your mortgage.
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.
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
hazard insurance is another way to say homeowners insurance - they should be referring to the same thing
Yes, if you own a home, homeowners insurance is definitely recommended, if not mandatory by some mortgage lenders.
It is the Homeowners responsibility to provide property hazard insurance under the terms of your mortgage. If the Mortgage company has to purchase it for you then it means your already in violation of your Home Finance Contract and subject to default.
Escrow account
It is only mandatory if you have a mortgage or lien on the home.