How does home insurance pay, if the house gets totally damaged by a covered peril?
Total Comments: 2
Posted: Thu Nov 17, 2011 06:59 pm Post Subject:
It pays according to the terms of the policy.
Vague answer fits vague question.
Posted: Fri Nov 18, 2011 11:50 am Post Subject:
The query is really not clear and specific.
As far as my knowledge goes, if your house is properly insured and suffers a total loss and If there is a mortgage then the mortgage company is generally paid first before any remaining money is disbursed to you.
Usually the check is issued with both the owner and the mortgage company as payees.
The mortgage company needs to endorse the check first and then you endorse it to cash it.
Posted: Thu Nov 17, 2011 06:59 pm Post Subject:
It pays according to the terms of the policy.
Vague answer fits vague question.
Posted: Fri Nov 18, 2011 11:50 am Post Subject:
The query is really not clear and specific.
As far as my knowledge goes, if your house is properly insured and suffers a total loss and If there is a mortgage then the mortgage company is generally paid first before any remaining money is disbursed to you.
Usually the check is issued with both the owner and the mortgage company as payees.
The mortgage company needs to endorse the check first and then you endorse it to cash it.
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