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Your mortgage company. They are your mortgagee and you are a mortgagor.
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∙ 15y ago
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Is a mortgagee clause considered a lien?
No. The mortgage is a lien. The mortgagee clause generally refers to a provision in the homeowner's insurance policy providing that loss to mortgaged property is payable to the mortgagee named in the policy and promises advance written notice to the mortgagee of policy cancellation.
What are the compliance issues for force placing homeowners insurance on a mortgage loan?
When you sign all the documents relating to mortgaging a home part of the contract has you agreeing to provide and maintain a physical damage policy on the property being mortgaged. When you let your insurance cancel or not provide a copy of said insurance to the mortgagee you are in violation of the contract. This gives the mortgagee the right to forclose on the home and/or force placing coverage on the home which only covers the mortgagee interest.
Does a second mortgage need to be insured?
If you are referring to "Homeowners" insurance, the second mortgagee should be listed on the policy.
What is needed to add home insurance to replace a forced insurance policy?
Cancel the forced insurance policy and add terms and conditions to your homeowner policy.
Does your home insurance cover damage to your car from falling tiles during a storm?
No, Homeowners insurance does not cover damages to your automobile. Your home insurance policy is property insurance for the specified structures and real property listed on the policy. Cars are not listed as covered property on your home insurance policy, that's what auto insurance is for.
Can you insure a Baldwin organ on your home insurance policy?
You can insure a Baldwin Organ if it holds value to your home in your home insurance policy. You have to make sure that the policy covers not only that, but other valuables within your home.
Can I transfer my Corpus Christi home insurance policy to my new house in Detroit, Michigan?
Yes is my answer, because home insurance policy can be shifted
Who pays the insurance on the home when its owner financing?
Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.
How do you find out who your home owners insurance is with?
If it is your home, just look at your insurance policy. It will always tell you the name of your insurance company.
Does homeowners insurance cover storage for a corvette stored in garage?
No. Vehicles are covered under an Auto Insurance Policy, Not a Home Insurance Policy.
Does mobile home insurance cover flooding?
Usually flood insurance is a separate policy, for mobile homes or any other kind of home. Check the details of your policy, but normally flood insurance requires a separate policy or rider.
What are the limitations of a contents only home insurance policy?
Depending on one's policy and specific insurance company. The limitation or drawbacks of a contents only home insurance is just that. The policy will only cover the contents in one's home if there is a fire or a robbery some times. The policy would not cover any damages that were made to the home by natural storms etc. Depending where one lives it is the law to have home owners insurance or renter's insurance to live in a dwelling.
