Do you still pay your mortgage if your house burns down?
Do you still pay your mortgage if your house burns down?
If your house goes up in flames, does your obligation to pay your mortgage go with it? Borrowers are bound by the promissory note they sign at the closing of a home purchase or refinance to make monthly mortgage payments. Even the total loss of the mortgaged property doesn’t relieve borrowers of this obligation. Jan 11, 2017
What happens if you don’t want to rebuild after a fire?
Therefore, if you choose not to rebuild your home, you may only get an actual cash value settlement. In simple terms – Your insurance company is trying to protect you and other insureds by safeguarding losses. Intentional fires or claims could drive up premiums. Nov 6, 2018
Why do corporations need fire insurance?
It is compelling to obtain fire insurance for your business as it can cover a lot of risks, including a complete shutdown of the business. Fire insurance usually covers machinery and equipment, stock and inventory, furniture and electronics and the building. Having fire insurance can do a lot of damage control. May 2, 2019
