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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?
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.
What else can I help you with?
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.
How do I get previous owners insurance?
You can not legally obtain a previous vehicle owners insurance information. Insurance policies and associated information are protected under state and federal privacy laws. There is no legitimate legal reason for anyone to want the previous vehicle owners insurance information. The previous owners auto insurance would have automatically terminated and all Insurer obligations ceased when the vehicle was transferred to another owner. Any previous insurance would have been for the benefit and protection of the named insured at the time and no benefit at all would transfer to a new owner. In short, The new owner has no right of claim against a previous owners insurance. If your just interested in the vehicle's history you can try a service such as Car Fax or the like to get those records without breaking the law and invading someone elses privacy.
What is the importance of landlord rental insurance for property owners?
Landlord rental insurance is important for property owners because it provides financial protection in case of damage to the property or liability issues. It can help cover costs for repairs, legal fees, and lost rental income, providing peace of mind and safeguarding the owner's investment.
Can one of the dual owners borrow money on the home without the other owners signing?
In general, if two individuals are co-owners of a property, one owner cannot unilaterally borrow against the home without the consent of the other owner. Most lenders require all owners to sign the mortgage documents, as all owners have a legal interest in the property. However, specific circumstances can vary based on local laws and the terms of ownership, so it's advisable to consult a legal professional for guidance.
Where can one purchase a whole life insurance policy?
A whole life insurance policy can be purchased from a variety of providers including Legal and General, Aviva and LV. They can either be purchased direct from the websites of insurers, or through comparison sites.
Can a child be an insured in a home owners insurance policy?
Yes, If a child owns the home, the legal gaurdian can purchase the coverage needed.
Is it legal in NC to purchase car insurance with expired license?
No, it is generally not legal to purchase car insurance with an expired license in North Carolina. Insurance companies typically require a valid license in order to provide coverage. It's important to renew your license before obtaining car insurance.
Is it legal for Conn's Appliances to require insurance on purchases?
No merchant can require or obligate any consumer to purchase any unwanted insurance on any item purchased in their facilities. It is illegal and you can actually bring that complaint to your local consumer affairs office or the Better Business Bureau.
How old do you need to be to get car insurance?
Most insurance companies require a person to be 18 years old in order to purchase automobile insurance. The reason for this is that the insurance application along with the policy make up a legal contract between the policyholder and the insurance company. A person who is not yet 18 is not a legal adult and therefore is not legally able to sign such a contract.
Does a street legal dirt bike require insurance?
yes you do
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?
An insurance company's legal department is there to handle situations that require court appearances or may involve lawsuits. The legal department will represent the company.
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.
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.
Is it legal for a bank to require you to hire a specific insurance company or other vendor?
no that would be illegal
Should all legal owners be listed as the insured on a homeowners insurance policy?
Yes they should be listed to protect their interest.
What insurance is required for landlords?
Usually there is no legal requirement for landlords to purchase landlord insurance. It is typically a supplemental insurance for landlords in case there is damage caused to their property that is not covered by other insurance policies.
