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What is the relationship between the value of a home and the amount of insurance required on the home?
What your home is insured for is not based on the resale value but it is based on the Replacement Cost Value or RCV. The RCV is determined by how much it would cost to demolish your home and rebuild it exactly as it stands. In todays real estate market many people get confused with this concept as they could by their home for a fraction of what it is insured for. If you want to check and make sure you are insured for the proper value you can always ask a local contractor for a cost per square foot to build a home like yours, this will give you a rough estimate.
What else can I help you with?
Do I have to pay mortgage insurance?
Whether or not you have to pay mortgage insurance depends on the type of loan you have and the amount of your down payment. If you have a conventional loan and put down less than 20 of the home's value, you will likely be required to pay mortgage insurance. However, if you have an FHA loan, mortgage insurance is typically required regardless of your down payment amount.
What is the total amount of yearly costs required to maintain a corporation?
The total amount of yearly costs required to maintain a corporation includes expenses such as salaries, rent, utilities, insurance, taxes, and other operational costs. These costs can vary depending on the size and nature of the business.
What is a judgment mean in a reposession?
It is the difference between the amount owed and the amount the collateral sold for, then minus all applicable fees. It is what you will be required to pay to the creditor.
What is the relationship between principal and interest in a loan or investment?
The principal is the initial amount borrowed or invested, while the interest is the additional amount paid or earned on the principal over time. The relationship between them is that the interest is calculated as a percentage of the principal, and it represents the cost of borrowing money or the return on an investment.
What is the purpose of mortgage insurance escrow and how does it impact the overall cost of a mortgage?
Mortgage insurance escrow is used to ensure that the required insurance premiums are paid on time. It impacts the overall cost of a mortgage by adding an additional monthly payment to cover the insurance costs, which can increase the total amount paid over the life of the loan.
As your vehicle moves closer to an object you will be required to?
Understand that there is no relationship between the amount of steering required and the distance you are from the object
Is insurance for your bike necessary?
Yes, insurance for motorcycles is required in all fifty states. However, the amount of insurance required varies by state.
What is the minimum amount of liability insurance coverage required?
The minimum amount of liability insurance coverage required (in California) is: 15/30/5. 15/30/5
Are small businesses required to have insurance?
Small businesses are not actually required to supply insurance if they can't keep up with the sufficient amount required to have insurance. It is possible to have insurance if you do want to have your business backed up financially.
Are required to have homeowners insurance on just a credit line?
You will be required to carry insurance to protect any collateral for a loan, no matter how much the amount of the loan.
Are daycares required to carry liability insurance?
Yes daycares are required to carry liability insurance,the amount is determined by the size of the day care center
Do I need to have aviation insurance?
Aviation insurance is required for all private and commerical flyers. The amount of coverage required by law depends of the size of the aircraft.
What is the minimum amount of auto insurance required by law on a financed vehicle in Ohio?
All states have regulated the minimum required Liability Limits of Auto Insurance within that state. Your lienholders Finance Contract that you signed will determine the amount of your property insurance coverage required to protect their interest in your financed vehicle.
What is the difference between minimum and full coverage with auto insurance?
Minimum coverage is the minimum amount of insurance required by law. Full coverage is the full package from the insurer, insuring everything they offer to cover.
If the secondary insurance has a higher allowed amount than the primary insurance is the secondary required to pay the higher amount?
I need more details in order to answer this question.
The required initial amount you pay before your receive insurance benefits is called the?
its called the deductible. ask an insurance company about it.
In West Virginia is it required to have insurance on yourself?
The amount depends on what the LENDER you work for requires.
