0
You will need a completely different type of policy if you are renting the house out to someone else. This is where it comes into play that you need to read your policy and to depend on your insurance agent. Once you move out of your home for 90 days the coverage ceases even if you continue to pay the premiums. If you are the owners of the home and rent it to someone else you need to purchase a tenant occupied dwelling fire policy to cover the home and any contents that are still inside the home that belong to you. If you are the person renting the home from someone else then you need a Homeowners HO-4 form which will cover the contents that you own inside the home as well as your liability exposure. Each party must have their coverage to cover their own property and liability exposures.
Add your answer:
Earn +20 pts
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.
Do you have to insure your home for more than the mortgage balance?
To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.
Is auto insurance cheaper than other insurance?
The only answer one can give on this is 'it depends'. Usually it is more expensive than homeowners insurace, but less than workers compensation or liability insurance on a roofing contractor.
Can you get a home equity loan if your home is paid for?
Absolutely! Home equity loans enable homeowners to get cash out of the equity in their home. As Homeowners pay down their mortgage, they build equity; equity is also built as a home’s value increases. You can borrow against your equity in your home. To check out more about home equity loans visit LendingTree.
Homeowners insurance cancelled what will the mortgage company do?
The mortgage company will force-place coverage for the dwelling for you. Ultimately, you will be paying for it. It will also be A LOT more expensive for you with (generally) less coverage.
Will home owners insurance cover radon removal?
No. This is not what homeowners insurance is designed to do. This is not a covered cause. Homeowners insurance covers more than any other kind of insurance especially with the premium as low as it is.
What is the compensation under homeowners insurance for a broken wrist?
There is no compensation on homeowners insurance for a broken wrist. Much more information is required to determine if home insurance will even be involved at all as I doubt that it will be.
What is one advantage of owning a home compared to renting a place to live?
Homeowners can make a profit on the sale of their home.
Is homeowners insurance expensive in Galveston Texas?
Yes, in comparison to non-coastal cities,, Homeowners insurance in Galveston Texas will tend to be more expensive per square foot of home.
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.
Do you have to insure your home for more than the mortgage balance?
To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.
Does GMAC offer home insurance?
GMAC does offer homeowners insurance. You can find out more at their website. You can get a quote for the insurance online or through a local GMAC agent.
What if you don't have homeowners insurance?
If you don't carry homeowners insurance and you have your home financed, you are breaking the contract and your bank will take out a forced place policy to cover their interest in the home and you will have to pay the premium which is far more than a homeowners policy. If it's not financed, you take the entire risk of loss upon yourself.
Can homeowners insurance cover transite duct abandonment?
No. This is a maintenance expense and insurance is not designed to cover this type of expenses. Homeowners insurance offers more coverages for the money than any other insurance policy but it is not made to cover maintenance or normal wear and tear on the home.
What are some Internet sites that have more information on insurance for homeowners?
Information from onsite media on homeowner insurance can be obtained from any of your local home insurance companies. There you can get a directions to the sites.
What is the difference in broad coverage homeowners insurance and other types of home insurance?
Home insurance, also commonly called hazard insurance or homeowners insurance (often ... or loss of other personal possessions of the homeowner, ... 1.1 History; 1.2 Types of policies; 1.3 Coverage rates; 1.4 Classes of coverage ... HO2 – Broad Homeowner Policy: A more advanced form that provides coverage on a home
Can you have more than one homeowners insurance?
yes
