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It's not illegal in that it does not violate the law. However, the contract documents that you signed in order to get your mortgage likely require you to maintain such insurance and to have it as a "loss payee" on the policy.
If you do not maintain homeowner's insurance as required, the lender has the right to obtain "forced-placed" coverage to protect its interest in the property. It is limited in scope, far more costly than traditional homeowners insurance, and will be billed to your mortgage balance.no one will come and arrest you but if you have a mortgage and your insurance
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Does home owners insurance cover everyone in the house?
That would depend on the wording of your policy.
What factors influence the cost of home owners insurance for an individual home?
It depends where your house is located. Whether your home is in a secure or unsecure neighborhood will effect your insurance costs. If your house looks like its going to fall apart at any moment then you will be charged a higher premium. These factors influence the cost of home owners insurance for an individual home.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
Who covers car damage from bricks falling off a house?
it shod be the home owners insurance
What is home owners insurance?
Uhmm,, Let me Guess? Is it Insurance that covers an owners HOME perhaps?
If your credit in poor and your home owners insurance dropped you can you have a sibling take out insurance on your house?
No, the only parties who can obtain coverage are the ones who actually own the home.
Where can one find advice on what home owners insurance to purchase?
There are a number of websites to find advice on purchasing home owners insurance including MSN Money, The Motley Fool, This Old House, Investopedia and Century 21.
Is Auto Owners Insurance Company a parent company of Utica Mutual Insurance Group?
No. Auto-Owners is the parent company of Owners Insurance, Southern-Owners Insurance, Property Owners Insurance, Home-Owners Insurance, Auto-Owners Life Insurance. They have no affliation with Utica
Does home owners insurance cover the cost of a fallen ceiling in the house?
Yes, home owners insurance will cover the cost of a fallen ceiling. The only time that they will not cover it is if it is due to neglect on your parent of not keep the roof properly maintained on your home and there are signs of damage.
Is content insurance just like home owners insurance?
Content insurance differs from home owners insurance in the type of polocies offered. While home insurance concentrates on the actual home structure, content insurance concentrates on personal possesions within the home.
Difference between h03 and h05 home owners insurance?
Difference between h03 and h05 home owners insurance?
Does home owners insurance cover lost jewelry?
Only if you had your jewelry appraised and included it onto your home owners insurance
