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What if amount of damage exceeds the amount of the coverages will the mortgage insurance cover it if its a lender-placed policy?
Wiki User
∙ 11y ago
No. A lender placed or forced place policy is only to protect the bank or finance company and you pay the premiums. The policy does not cover the contents or anything except the amount that is owed to the bank or finance company. In these cases the policy was force placed because the homeowner did not keep the insurance that was required by the contract so the mortgagee placed the coverage to cover themselves.
Wiki User
∙ 11y ago
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How does your deductible work in home insurance?
The amount of a policy deductible on a homeowners insurance policy is chosen by the policyholder. Your policy deductible is the amount you are responsible for paying before the insurance company will payout for a claim. If you experience a loss to your dwelling or your personal property, your homeowners insurance policy deductible applies. The deductible does not apply to other coverages on the policy. If you experience a loss under your deductible, you will not be eligible for a payout. If your loss exceeds your deductible, your deductible will be deducted from your claims payout check.
Can you use a home equity loan to pay off your existing mortgage?
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
How to Find Cheaper Auto Insurance in Connecticut?
Drivers in Connecticut today are trying to reduce the cost of driving, and if you are one of these drivers, you may be considering how shopping around for cheaper auto insurance today may help you to save money. Auto insurance is a recurring expense in your budget, and by shopping around for savings today, you can save money now and in future months, too.Ways to Save on Your Existing Insurance PolicyFirst, you will want to take a few minutes of your time today to review your current insurance coverages. You can hop on the phone with your insurance agent and learn about which coverages you have in place. Ask if you are carrying coverage that exceeds the state's minimum required coverage amounts. The state of Connecticut state law requires all drivers maintain 20/40/10 liability coverage, but you may have higher coverages in place. You can also learn if you have optional coverages on your existing policy. If you have any optional coverages or if your coverage exceeds Connecticut state minimum requirements, you can make the decision to reduce your coverages for savings. This can result in immediately lower insurance with just a few minutes of your time.Go Shopping for Insurance QuotesYou may be pleased with the savings you found on your existing insurance policy, but if you are serious about finding the cheapest insurance rate possible, you don't want to stop there. You can continue to look for savings by shopping around. You may opt to call around to various Connecticut insurance offices, but shopping online for rate quotes is generally much easier and faster. A rate quote generation website is a great way to shop for rates. These websites provide you with a fast way to get several quotes from different insurance companies. By reviewing these quotes, you can either find reassurance that your existing policy is the best deal today or you can learn about possible savings available to you by switching policies.These simple efforts can be completed with just a few minutes of your time today, and they can help you to learn about ways you can reduce your insurance premium cost. These are savings that you can benefit from each month going forward, so the time and effort can be well-rewarded through future savings.
Can I get my mortgage principal adjusted to the market value of the property seeing that my loan amount exceeds the value of the property?
Nope. You've got an "upside down mortgage". That's what all the trouble is about.
What is meant by a 'jumbo' mortgage loan?
A jumbo mortgage loan is a residential mortgage loan which has an original principal balance which exceeds the maximum amount permitted by the agencies typical guidelines. You would need to meet your bank manager for further information.
Is it true or false if your mortgage exceeds 25 percent of your net income you have bought more house than you can afford?
True
How do the insurance total a four wheeler out?
When the cost to repair exceeds their black book value.
When filing for bankruptcy and owing to a line of credit does the bank still keep the house even if this one is protected with a homestead insurance?
Generally speaking, when Chapter 7 bankruptcy is declared, it means a person's debt exceeds their assets. If the amount of debt owed to a mortgage bank for a home, the bank has no interest in taking a home which will not cover the mortgage debt. All debts are wiped away.
Can you take the loan which exceeds the cash value of a life insurance policy?
If one is offered, then yes.
When is a house overinsured?
Ahouse in considered overinsured when the amount of insurance on the home exceeds the cost of rebuilding it in full.
Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
Will homeowner's insurance normally cover a property damage claim which exceeds the liability coverage limit from a car accident?
No.
