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If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.

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16y ago

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Related Questions

How can I stop paying mortgage insurance?

You can stop paying mortgage insurance by reaching 20 equity in your home, either through paying down your mortgage or an increase in your home's value. Once you reach this threshold, you can request to have the mortgage insurance removed.


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.


When can you have PMI removed from your mortgage?

You can have PMI (Private Mortgage Insurance) removed from your mortgage when you have reached 20 equity in your home, either through paying down your mortgage or an increase in the home's value.


How can I get rid of mortgage insurance on my home loan?

To get rid of mortgage insurance on your home loan, you can either reach 20 equity in your home through paying down your mortgage or by requesting a reappraisal if you believe your home's value has increased significantly. Once you reach 20 equity, you can contact your lender to remove the mortgage insurance requirement.


When can I have PMI removed from my mortgage?

You can have PMI (Private Mortgage Insurance) removed from your mortgage once you have reached 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and appreciation of your home's value.


Who pays the mortgage on deceased parent's home?

Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.


Do I pay the bank of they're paying my home insurance?

Not sure of your question because I believe you made a spelling error but, Some mortgages include the payment for the insurance on the property. Most times this is called PMI (Personal Mortgage Insurance) It protects both you and the bank if something happens to the property or YOU and the mortgage can not be paid.


When can I remove PMI from my mortgage?

You can typically remove Private Mortgage Insurance (PMI) from your mortgage once you have reached 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and the increase in your home's value.


When can I remove my PMI from my mortgage?

You can typically remove Private Mortgage Insurance (PMI) from your mortgage once you have reached 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and appreciation of your home's value.


When can you remove PMI from your mortgage?

You can typically remove Private Mortgage Insurance (PMI) from your mortgage once you have reached 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and appreciation of your home's value.


When can I eliminate PMI from my mortgage payments?

You can typically eliminate private mortgage insurance (PMI) from your mortgage payments once you reach 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and an increase in your home's value.


When should I remove PMI from my mortgage?

You can typically request to remove Private Mortgage Insurance (PMI) from your mortgage once you have reached 20 equity in your home. This can be achieved through a combination of paying down your mortgage balance and an increase in your home's value.