0
What else can I help you with?
How many months delinquent must a mortgage loan be before the mortgage insurer contacts the home owner?
Typically, they will call the homeowner before the first payment is behind to remind the home owner that a payment is due. - VoyageHomeLoans
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
If i am are six months late on my mortagage and I receive a insurance check for a roof leak can the mortgage company keep your check since the check came in my name and the mortgage company?
As far as I know they shouldn't be allowed to. They are on the policy in case your house becomes a total loss and the insurer then uses the settlement money to pay back the whole mortgage. Query your insurer.
Can you drop a homeowner insurance claim whne you already make the claim?
Yes, you may, provided that the insurer has not already made payment. Keep in mind, though, that if the insurer has a record of a claim having been made, it may have a bearing on how the insurer "views" the risk in the future. This could go to issues such as future insurability, rates, and similar issues.
How much is insurance companies paying per square for Texas roof claims?
It doesn't work like that. The insurance company will pay claims for roof repairs or replacement that are consistent with the local market and consitent with the damages incurred. If you try to overcharge for the repairs, then the homeowner will be stuck for the remainder of the bill that is not paid by the insurer. A contractor simply submits a bid to the homeowner. If the homeowner chooses you as their roof contractor then they will submit that to the insurer for approval. The company will then pay the bill so long as it is reasonable and within the expected market range for that area.
Where can you find out if a house has homeowners insurance?
There is no central registry of people's homeowner's insurance. That said, there are a couple of ways to try to find the information. However, whether or not they will work may depend in part your motivation for knowing: 1. If, for example, you were hurt at someone's home due to their carelessness, there may be coverage available under their homeowner's policy. To determine the identity of the insurer, you might simply ask. 2. Alternatively, you can be more formal and write a letter reporting the incident and asking that your report or notice be turned over to their homeowner's insurer. Before long, if there is insurance, an adjuster should contact you. An adjuster is a representative of the insurance company whose job it is to assess a claim made against the policy and the insured under the policy. Thos would apply whether the claim was for a physical injury resulting from the occurrence, or property damage. 3. If you know who or what holds the mortgage on the property, you may be able to inquire of that party. Most mortgage companies, or people who have loaned money secured by the property, will require that there exist homeowners insurance on the property. Usually, the lender is concerned that the property is insured so that, in the event of damage, it can be restored to its prior condition. In that way, the value of the property can be preserved if damaged, because the insurer will pay for repairs. Since the lender loaned money based upon the value of the property, it wants to make sure that the property gets repaired and will therefore insist on homeowners insurance. The identity of the lender (whether it is a mortgage company or an individual) will be shown on the mortgage document. This is a formalized way of asserting a lien on the property to secure the loan. It is recorded in the public records of the county in which the property is located, much like a deed is recorded. Therefore, with the address of the property and the name of the owner, you can find the deed and the mortgage. Then, if you have no other way of determining the homeowner's insurer, you can contact the mortgage holder. This is not a guaranty that he/she/it will disclose the information, but it is a path that you can follow.
How does homeowners insurance and the mortgagee work?
There should be a "Mortgagee Clause" listed in the policy conditions which will outline the relationship. Most of the time (it depends on the state), the mortgagee and the insurer are in a separate contract than the named insured (homeowner) and the insurer are. What that means is, if a loss occurs, and for some reason the named insured is not paid for the claim (most often because the insured may found to be committing insurance fraud), then the mortgagee can still be indemnified for the loss. However, the clause may also contain language that holds the mortgagee to certain conditions. These conditions might include, that the mortgagee has paid the premium, and that they have notified the insurance company of any changes in the risk, such as a vacancy. Mortgage holders can also file claims on their properties in foreclosure. This can be a very complicated process. Often times, the insurer will have to find out whether or not the mortgagee has suffered a financial loss because of the damages. Adjusters have to research what phase the foreclosure is in, if it has been sold, how much the property was sold for, what the remaining amount was on the note when the foreclosure took place, and what the amount of damages are. If they made money on the selling of the property from the foreclosure and sold it for more then what was remaining on the note, they may not be entitled to insurance dollars because there is no financial loss. In addition, the mortgagee is required to be listed on payments that exceed a certain dollar amount (it depends on the regulations of that particular state's Department of Insurance). So when homeowners have a loss, they can often find their mortgagee listed on their payment.
Will homeowner's insurance pay for mold removal?
Most home insurance companies will cover the cost of the mold removal. But you need to check your policy with the home insurer so that you will not get any surprises.
Does homeowners insurance cover damage to your neighbor's property caused by fire?
Usually your policy will have a section covering your liability as a homeowner. This may cover the neighbour. Check your policy ask your insurer
Does it mean you default on your mortgage if you drop your homeowners insurance?
Usually, not in and of itself. A mortgage will require that the borrower maintain physical damage protection on the structure. It does so to protect its interest in the house, because the loan is secured by the house. Therefore, if a casualty destroys the house, in whole or in part, the lender wants to make sure that it is repaired so as to preserve its value. If homeowners insurance is dropped, or it lapses for nonpayment of premium, the insurer will notify the lienholder of that fact. The lienholder will require the borrower to produce proof of replacement coverage within a given time period. If the borrower does not, the lienholder can get "single interest" coverage. This is a kind of policy covers only the lienholder's interest in the property. The premium for that coverage is initially paid by the lienholder, but then added to the mortgage balance. Dropping your home Hazard insurance is one of the listed default conditions of your mortgage contract, but usually will not cause a foreclosure proceeding to initiate. It can however be the first sign that a foreclosure is imminent.
How do you file a claim against someone elses homeowners insurance?
Generally you don't. Homeowners insurance is property hazard insurance that is specific to the "named insured" homeowner(s) from certain losses incidental to home ownership. If the homeowner agrees that he or she is liable for your loss, the homeowner can just file a loss notice with his or her insurer. The insurer would then contact you (generally within 72 business hours) to process your claim. Contrary to popular belief, A property owner is not automatically liable for anything that happens on ones property. The injured party will need to prove that the homeowner actually caused the accident (simply being the owner does not make them liable) through direct action or through in-action (negligence). If the homeowner disagrees that they are liable for your loss, then that is a matter you may choose to take up with an attorney in a competent court. If the homeowner purchased liability insurance with his or her policy ( many do not ) , that portion of his policy would provide coverage for the cost of the insureds legal defense team as well as any resulting judgments of legal liability.
Can an insurance adjuster remove contractor's name from check on a roofing insurance job?
Possibly. When a check is cut by an insurer, typically the mortgage company and the insured are on the check but not necessarily the contractor. If all three are already on it is likely very hard to have the insurer re-issue the check to take the contractors name off.
