Sal paid his annual homeowners insurance on January 10th. He eventually sells his property on March 27th. How will Sal's homeowners insurance be categorized on the settlement statement? Sal will receive a credit for the homeowners insurance paid after March 27th. Sal will receive a debit for the homeowners insurance paid after March 27th. The buyer will receive a credit for the homeowners insurance paid after March 27th. The buyer will receive a debit for the homeowners insurance paid after March 27th.
Not necessarily, but should you suffer a loss involving that area again and it is unrepaired you will not be paid again for that damage, or the amount paid this time will be deducted from the new claim...Also you mortgagee may have to sign off on it. You normally have 180 days to have repairs completed. If you have a mortgage most likely your mortgage company will force you to make the repairs. remember... they own your home until its paid off. Best thing to do is complete the repairs.
he paid for their homes
if you paid cash for the house do you need homeowners insurance
The leinholder is paid off first, then anything remaining goes to the homeowner. This is usually done with a check that is made out to both the lender and the homeowner.
Homeowners insurance will continue after an owners death. The Homeowners insurance policy will typically be paid for by the executor of the estate and become his or her responsibility.
assets of loss
If your assessments and dues were overdue when you paid them and if the homeowners association has the right to assess overdue fines then the answer is yes.
Your individual (HO-6) policy will detail whether or not your monthly assessment payments are covered when you loose use of your condominium. Your insurance agent will be able to answer this question for you regarding that coverage.You can also check the master policy to see if you are covered, based on the cause of your loss of use. (Usually the master policy premiums are paid by your assessments.)Your board of directors or property manager can help you understand your coverage under the master policy.
No.
No
The homeowners insurance would not become null and void just due to the death of the named insured. I would need more information to determine the second part of the question. The grown children would not be eligible for payment for loss of use just because of the death. If they are household members they are covered just like the named insured if the loss of use was due to a covered cause of loss. If no one else lives in the home the coverage would cease after it has been vacant for 90 days.