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Is it legal for the bank to require you to purchase home owners insurance for 3 times the value of the loan?
Wiki User
∙ 12y ago
Your homeowners insurance in the United States must by law cover the value of the home being insured with no more than a 20% deviation. This may be more or less than the amount of your loan. No insurer will knowingly sell you a home insurance policy below the home value as such an insurance contract would be invalid.
Homeowners insurance is for the home, not for the loan. You can purchase your homeowners insurance based on actual cash value of the home or on the replacement cost of the home.
If you only want to insure a mortgage loan amount, that's what mortgage insurance is for.
Wiki User
∙ 12y ago
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Is it illegal for mortgage companies to require you to carry flood insurance if you are in zone x?
Yes it is legal. You probablly agreed to it when you signed the finance note.
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Where can one purchase a whole life insurance policy?
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Is it legal for a creditor to force you have renters insurance when buying furniture on credit?
I'm in Georgia. Can you prove they forced you to buy? They wouldn't give you the furniture if you didn't pay the extra? They are covering their assets. If you think you got ripped keep on trucking for a help for others.AnswerMany creditors require that you have insurance coverage on large purchases until they are paid off. Other examples would be house and vehicle purchases. The only legal issue might be if they require you to buy the insurance from them instead of a company of your choice. Really, it protects your investment, too.
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The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
Can a child be an insured in a home owners insurance policy?
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Is it legal in NC to purchase car insurance with expired license?
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Yes, it is legal for Conn's Appliances to require insurance on purchases as long as they clearly disclose this requirement to customers at the time of sale. However, customers may have the option to decline the insurance if they wish.
Does a street legal dirt bike require insurance?
yes you do
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Can your child be a beneficiary under your life insurance policy if you do not have legal custody of her and can a life insurance company require that you be their legal guardian?
Yes
Functions of insurance company's legal department?
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How does homeowners insurance work when stolen items are recovered?
Once the insurance company has paid the claim for stolen items they become the legal owners of the items.
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no that would be illegal
Is it legal to charge for a home owners insurance estimate in Omaha, NE?
Yes it costs them time and money for a person to do this.
Should all legal owners be listed as the insured on a homeowners insurance policy?
Yes they should be listed to protect their interest.
Can insurance companies call on receipts submitted in a claim?
Not sure what you are asking but insurance companies have the legal right do require proof of spending for claim settlement.
