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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.
Failure to maintain a policy as required by the finance note can result in single interest coverage being placed by the lender and billed to the homeowner or possible foreclosure.
What else can I help you with?
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
Is homeowners ins required when homeowner dies and home is left to children and home is empty?
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.
What happens when the homeowner dies and has PMI insurance before the mortgage is paid in full?
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
If homeowner dies does homeowner insurance cover it?
Homeowners insurance covers the house itself should it be damaged. Many of the policies include liability insurance so that if anyone is injured there you have protection. There are some types of mortgage insurance that cover the remaining mortgage should the owner die. But, if the lender does not require it due to a low down payment, one would have to specifically buy that.
If owner of a house dies does insurance pays off house?
Only if they had mortgage insurance.
Does homeowner insurance cover a daughter renting a room that dies accidentally?
I don't really understand what you would expect the homeowners policy to pay for in this situation. Homeowners insurance is not life insurance and does not provide any type of such coverage.
Can i be sued if someone dies driving my 4 wheeler?
There are a lot of factors involved and the short answer is: maybe. If someone dies driving your 4-wheeler, it is possible that Homeowner's Insurance is liable and they can possibly have a case against you.
Can you describe to me what a reverse mortgage is?
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
What kind of health examination do you have to undergo before you can qualify for homeowner insurance?
You do not need a health examination to obtain home owner insurance. Your health is not an issue. If you were to suddenly die, after buying home owner insurance, the insurance company doesn't have to pay a death benefit, since home owner insurance isn't life insurance. What happens when a home owner dies is that someone else inherits the house. The new owner will have the option of continuing the existing home owner insurance policy.
What happens to a home insurance policy when the holder dies?
the house is paid off and given to the beneficiary
When a homeowner dies is the house still covered or do you have to get new coverage?
Any time the owner of an insurance policy dies, a new policy must be issued. The owner/beneficiary must have a vested financial interest in the potential loss. Otherwise you could take out a policy on your neighbor's life or home. In the case of marital property, the surviving spouse usually only needs to have the title of the policy changed if her or she was a co-owner of both the insured property and the insurance policy.
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.
