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What else can I help you with?
What are the advantages of having mortgage life insurance cover?
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
How does paying off your mortgage affect the cost of obtaining homeowners insurance?
Depending on the insurance company they may give you a discount, usually 5- 10%. In essence when you have a mortgage on a property the insurance company notes it on your homeowners policy and sends a letter to the mortgage holder providing proof that you have protected their (your house) asset by insuring it. Discounts that may be available: Mortgage Free, Monitored Alarm Discount, Multi Policy, Claims Free, Senior.
Your mortgage company wants you to insure for the value of the loan but you think insurance should only cover the replacement cost of the structure what is the minimum coverage required?
You have to have it insured for at least the amount of mortgage. That is the mortgage companies "insurance" that it will be paid for if it is totally destroyed.AnswerIf you agreed to insure your house for the amount of the mortgage when you obtained your mortgage then you are bound by that agreement and will have no choice but to comply. Actually, the purpose of homeowner's insurance is not to insure the loan, it's to insure the property. You cannot purchase more than the replacement cost of the house. In the event of a total loss, you will only be paid the cost to replace the house up to the limit shown in the declarations, regardless of what the loan amount is. It is against the law for a mortgage company to require you to secure insurance for the value of the loan. They can be fined.
What does Mortgage insurance premiums cover?
the house payment
What are the advantages of having mortgage life insurance cover?
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
Can you get insurance to pay your mortgage while the house is being rebuild if there is a fire?
No, Your homeowners insurance is a type of "Hazard Insurance", you must continue to make your mortgage payments as usual. If your policy contains "Loss of use" coverage, then your insurance will cover the cost of temporary housing within policy limits, allowing you to continue making your mortgage payments.
If owner of a house dies does insurance pays off house?
Only if they had mortgage insurance.
The husband has his name only in the mortgage deed and mortgage insurance if he dies would mortgage company get the house or would the wife?
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
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.
When someone dies what happens to the mortgage loan?
It is normal for people with a mortgage loan to have a life insurance to cover the amount of the loan. If this is the case the insurance will pay off the loan and the property will become part of the dead persons estate in its entirety and (after inheritance tax) the heirs will inherit it. If there is no insurance then the outstanding balance of the mortgage becomes a charge on the estate of the deceased and if there is not enough money available to pay this, then the house will have to be sold to realise this money. If after the sale of the house the estate is still short of funds to cover the mortgage (after funeral expenses are met) then the mortgage company will have to take that loss.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
Does homeowners insurance cover renters belongings when their house was broken into and items were stolen?
If you are the owner of the house, and are renting to tenants (making you the landlord), then you only have insurance on the house (dwelling coverage - not homeowners coverage) and not the personal contents of the renters. In this case, no, your insurance will not cover their loss. It is the responsibility of the renters to purchase insurance coverage on their personal belongings. If you are the renter (tenant), then you have to buy contents coverage on your personal belongings, such as furniture, clothing, etc. The landlord is not responsible for your belongings, whether the loss is from robbery, fire, etc. In order to purchase homeowners insurance you have to own the home (but it can still be mortgaged) and you have to live in the home. Otherwise, you have to have a dwelling policy on the house if you want it insured, whether it's vacant or rented. If, however, there is still a mortgage on the house, the bank (or mortgage holder) will require you to have insurance on it. If the house is paid for, then it is at your discretion whether to have it insured or not, for the value of the house. But if you rent it out, your state may require that you carry liability insurance on it.
Which kind of renters insurance are recommended for older people with a house?
If your parents bought their house they do not need renters insurance but they do need house insurance. They should insure the house for two things, one for the contents and any damage to the home, and two if there is a mortgage they should have insurance to cover that in the event that anything should happen to either of them.
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
