Can you use homeowners insurance for something else?

Can you use homeowners insurance for something else?

You also risk not having future damage covered. If the unfixed damage causes more damage, your insurance company will deny future claims. However, any leftover money after the repair bills are paid can be used at your discretion unless specifically stated in your contract. Sep 9, 2021

Can I use insurance money to pay off mortgage?

Can I use the insurance funds from a property damage claim to pay off my mortgage? Yes, if the claim amount exceeds the amount required to pay the mortgage in full.

Can your mortgage company keep your insurance check?

Can my mortgage company hold my insurance claim check? Yes. Your mortgage company has a financial interest in making sure the necessary repairs are done. The lender will often keep the insurance check and release funds in installments as repair progresses.