Do you need insurance if your house is paid for?

Do you need insurance if your house is paid for?

Do you need insurance if your house is paid for?Yes. What if something happens to it?

If you recently refinanced a California home and paid title insurance on the house two years ago should the fresh lender charge title insurance?

Title Insurance When RefinancingYes, it’s a standard requirement and closing cost. No matter how many times you refinance you will have to pay title insurance everytime and a title search. It protects you and your home ownership rights as well as protecting the bank and letting them know that you actually own the home and if there are any other liens on the home that may need to be paid off or that may interfere with their lien position. I explain it to my clients as plain as this… you pay for car insurance every year and in most cases your car insurance is more than the title insurance… but which is worth more to you, your home or your car? Addendum to : ; Actually, the reason you are required to buy aMortgage Policywhen you refi is because you are buying fresh coverage for the fresh lender. When you bought your home, you took out Two policies: 1 covering you for as long as you own the property (Holder/Fee Policy) and 1 covering the lender doing the initial purchase mortgage (Mortgage Policy). The Mortgage Policy is only good for the life of the loan. So once a loan is paid off, the coverage expires since it covered the LENDER’S interest and the loan amt. When a fresh loan is obtained, a fresh policy is issued covering that loan only. So, when you refinance a home, the reason you are required to buy a fresh Mortgage Policy is because you are getting a fresh loan and the lender requires the insurance as part of their underwriting conditions to make sure their interests are protected. The loan policy does not cover you in any way, only the lender. Your Proprietor’S POLICY, a one time fee when you purchased your home, covers you for as long as you own the property. Hope that makes the issue a little clearer. : When refinancing, you most likely already have in your possession an owners title insurance policy from when you purchased your home. Now you are refinancing and you should not have to pay the total premium on the fresh lenders policy if you present the title company treating the refinance a copy of that owners title policy. They are obligated , depending on the department of insurance rules pertaining to reissue credit in that state and the amount of time you wielded the hometo give you what is call a reinsurance or reissue rate on this fresh lenders policy . Don’t get ripped off, make sure you ask about reissue credit! Also, if you are refinancing with the same lender on the same property for which you already have a mortgage, you may be able to obtain an even thicker credit. After all, they are basically copying most of the existing title policy and all but latest history on the property has already been insured. You also do not have to use the same title company that issued your owners title policy in order to get a reissue credit. This is the another very good reason to compare companies, title insurance rates, and title insurance related fees before you go to closing and another reason topick your own title insurance agentlong before you incur any fees whatsoever!

What should you do if you sent in a claim due to hurricane harm and you sold your house and your insurance sent you a check but you’ve already paid off the loan?

Response .
If you were the insured, only your name should have been on the check. Guess you are not so fortunate if the banks name is one of the Payee’s. Don’t know why they would be unless it was a total loss and then it all would go to them as the loss payee in which case you owed them the money anyway otherwise they would not have been a loss payess. They will then give the balance after your note is paid back to you. Response .
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Lucky you! You just got a bonus! 4lifeguild.com.
Response .
what if the check has the banks name on it alsodont they have to sign off on it.
Response .
Thank You 4LifeGuildI will keep the outcome posted.

What insurance does a puny budiness need for remodeling and building houses?

Contact an agent in your area, if they do not sell this type of coverage/policy they will be able to refer you an agent that does.

What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.

Why do i need to be Bonded license and insured for a house sitting business?

Response by BipolarAttorney 02/05/08 .
Without knowing the state, in which you are operating, I cannot say for sure, but I am guessing there is not a particular law that requires it, but rather the individuals, for which you are house-sitting, require it to ensure you are able to pay for any harm to the property that you may cause. By being bonded and insured you are ensuring there are funds available to pay for any harm you may cause.

How is a business insurance agent paid?

There are several options for agents’ compensation – In my practice, the insurance carrier saves a good deal of money by suggesting their products thru agencies (ie. employees, bldgs, phones, etc…). An agent benefits the consumer by signifying several companies, so that he/she may choose the best coverage for the best price for the consumer. The agent is paid by the carrier, usually a percentage of the policy premium. The cost is generally not passed on to the consumer because the carrier has saved on hard costs as described above. There are also sometimes ‘bonuses’ based on the amount of business an agency has placed with a certain company.

Do you need house insurance if you own a dog?

You will need a Pet Insurance if you own a dog. You don’t need a house insurance while possessing a dog.

Do you need homeowners insurance on a vacant home that is fully paid off?

If you want to protect your investment you should have a vacantproperty policy. There are specialized markets for thiscoverage.

You are hiring a carpenter for a house remodel Do you need to get workmans comp insurance?

You should hire a licensed contractor. He should already have liability insurance and workmen’s comp for his employees. If you do not hire a decently licensed contractor, all the liability for anything tha might go wrong falls on you. If your insurance company detects that you hired an unlicensed contractor, they could, and most likely will, deny payment on any claims you may file. Tread cautiously!

When is life insurance paid?

If you are the “insured” or the person that is listed on the life policy for whom the premium is being collected, your “benficiary” that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.

Do you need to switch your homeowners insurance if you rent your house?

If you were living in your home when you very first took out the homeowner’s policy, then, yes, you do need to switch it. To not notify the insurance company that you are now renting your home could render your coverage null and void, resulting in the loss of coverage should something happen to the house..
There are several types of coverage, some of which suggest more coverage than others. In your case, you need to switch the policy since the house is now a rental. But, there are other factors involved, too..
Did you rent the home furnished? If so, you need to maintain coverage that will still insure your contents of the house. If not, then you need to switch the policy to cover the house only. The renters will need to take out a rental policy, which will cover their belongings in the event of a fire, or other types of harm..
You also need to talk to your insurance agent about keeping liability insurance on the house, as well. And, since some renters aren’t aware that the landlord’s insurance won’t cover their belongings, you need to inform the renters that they will have to take out a rental policy to insure their belongings (furniture, clothes, etc.) if they want them insured..
Also, keep in mind that a homeowner’s policy does not cover flood harm; that will have to be a separate policy.

If I am in an accident and the other driver has no insurance and my insurance provider has paid my claim do you need to have the auto repair done or can you keep the money?

The money is for an autorepair. I would recomend using it for that, or the insurance company can possibly charge you with intent to defraud.

Do you need insurance if your house is paid for?

In philadelphia do all drivers in the house need to be insured on a vehicle?

Unless there is some kind of ‘blanket policy’ in effect that automatically covers all drivers in the family, then each driver of the vehicle (and their ages) must be known to the insurance company.

Do you get paid if you cancel your life insurance?

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No you would not. Insurance is only applicable as long as the policy is in force and is VALID. .
Once the policy gets cancelled either due to non payment of premium or because you want to cancel it, all benefits of the insurance policy become null and void. You would not get any benefits out of it after that date.

Related video:

What is insurance for a house?

Generically, it is referred to as homeowners insurance. There are various types of it, such as that which: 1. Covers the building itself; Two. Covers the building and contents; If you are asking about cost, there are many variables involved. Some include: 1. The geographic location of the home, as premiums vary by state and within states; Two. The insurer; Trio. The amount of insurance on the structure, which may be a function of the value of the building; Four. The amount of the deductible, which is the amount that the insured must pay toward a covered loss before the insurer’s obligation to pay is triggered; Five. The existence and amount of contents coverage (such as for furniture); 6. Whether the home of used as your primary residence, as a secondary residence, or as rental premises. Your best bet is to contact a local experienced and licensed property insurance agent or broker to discuss the specifics of your needs. In all events, be sure that any insurance that you buy is issued by an insurer that is authorized (licensed) to transact business in your state. That information may be obtained by contacting the state insurance regulatory authority.

If your daughter lives in your house for two years rent free and you have paid the insurance and taxes does she have the right to claim the house?

If your name is on the deed, it is your house. A judge’s decision should go in your favour if you have paid the insurance andtaxesbecause she has no real claim to possessing the property.

What is Car insurance paid in total?

Usually when your buying car insurance you have the option to make monthly payments, or pay in utter -if you pay in total, you pay the utter amount for the year. This way there are not payments to be made until 12 months later when you have to renew your insurance….

What is paid up contract in Insurance?

A paid-up policy is a entire life insurance policy for which noadditional premium / payments are required to keep it in force.

If your car is paid in total do you need total coverage insurance?

No. But in most states you are still required to have liability insurance to cover the costs of any damages you may cause to others if you are at fault in an accident.

What do you get when your insurance policy is paid up?

The policy is free of any further premiums however you may lose bonuses (in particular yearly reversionary bonuses) and the sum assured will be diminished causing you to receive a lower pay out. As you have violated the policy’s contract this is how insurance companies apply a penalty.

What is the need of insurance?

To transfer your risk of loss to another party – the insurance company. The premium you pay the insurer is the cost of transfering that risk of loss.

Why you have employer paid health insurance?

Some employers pay health insurance because they feel that if you give it to your employees they will be more likely to go get regular checkups. This means fewer sick days, and so less staff you need in total to pack in for someone who is sick, in the end saving you money.

How do you get paid on a life insurance policy?

The nature of life insurance is such that death of the person insured is the occurrence that triggers entitlement to proceeds. Proceeds are payable to the person or entity named on the application as the beneficiary. The insurance policy document will contain instructions as to how to submit a claim. These will include, for example, how to obtain a claim form, what to submit with the claim form (a death certificate will always be necessary) and other material information. The required material will have to mailed to the insurer. Most states require that the insurer pay the claim within 30 days. However, under some circumstances the time for payment of proceeds can be extended if the insurer has a reasonable basis to investigate the claim, such as the cause of death.

Do you need a lawyer if your x-husband has not paid any child support or health insurance on two children of ours for the last Four years?

Nope, you need to go to child support services with a certified copy of the court order and a $25 money order and they will hunt him down and garnish his wages for you. Why doid you wait this long to do anything about it?

What is diminished paid-up insurance?

When a proposer grounds up defaulting on his prm commitments due to what ever reasons he/she has, the Insurer uses this technical terminology (Diminished paid-up) to his good advantage to redefine the terms and conditions of the said Insurance contract. kishorekedilaya@yahoo.com

Do you need insurance if your house is paid for?

Can homeowners insurance cancel due to house needing painted?

Insurance companies can cancel you for a large multitude of issues. These include debris, violated down cars, moss on the roof, need of paint, weeds, trees touching the house and others.

What is Paid up extra Insurance?

Paid up additions is a method of receiving your dividends from amutual insurance company. Paid up additions is actually a very goodmethod as it permits a policyholder to use their dividends topurchase paid up extra insurance in the policy therebyincreasing coverage and enhancing annual dividends becausedividends are also paid on the extra insurance. You do nothave to pay taxes on the dividends paid in this manner either.

Who paid for the White House to be built?

I know of a person who has an original document with the blue prints of white house before it was built and also every signature of each individual who personally put down two hundred dollars to embark the process,some of these signatures were dudes who signed Declaration of Independence and there are many other signatures of guys I don’t recognize that also would of signed the Declaration of Independence…this document was found decades ago in an old building in Fresh York inwards a very old Bible which was also loaded with names of people who were married, deceased or belonged to that church it seemed to be hundreds of names and addresses listed…..I believed to be dated back to early 1500’s……..I believe these documents could reaction lot of questions from history…….this document should be in a museum or Smithsonian…..

Do all states require a homeowner to carry homeowners insurance even afer a house is paid off?

No, Not a single one of them. There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home tho’, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.

If you were paid by an insurance company 6 years ago to get a fresh roof but did not and now have a different insurance company on the same house can you make a claim on the roof with fresh company?

You can make a claim, but if you are claiming the same damages that is insurance fraud and it is a federal crime. If you have unrelated damages you can make a claim, or you can disclose the prior claim to your insurance carrier and they will advise you if there is any coverage that would apply.

If house is sold but still paid home insurance on it for year can you claim that back?

With most companies if you demonstrate documentation that you sold the home a year ago, and thus no longer had an insurable interest in the home, they will refund the premiums you paid during that time period.

Can you get your housing paid while in prison?

By all government standards your “housing” is being paid; room & board, meals, laundry, etc. by the prison system. Outside housing will not be paid for in your name.

How do you get paid from life insurance after a death?

You would contact the insurance company and they will send you the necessary paperwork. They will require a copy of the death certificate also.

Related video:

When is your life insurance fully paid?

A life insurance policy becomes “fully paid up” when the company tells you no more premium payments are due.

Can you be paid by your insurance and the insurance of the person who hit you?

You can collect medical payments under your insurance policy and bodily injury payments under the other person’s insurance, but you can’t collect for property harm under both. The reason for the property harm limitation is that when an insurer pays your property harm claim, it obtains “subrogation rights”. Provided by the policy and under equity, these place the insurer “in your footwear” and permits it to collect from the other party that which it paid. The amount it can recoup would be diminished by the degree you contributed to the collision if you live in a “comparative negligence” state. As far as medical payments are worried, fault is not an issue, so you can collect under your own PIP coverage. If you are earnestly hurt and exceed the minimum threshold for seeking bodily injury damages from the other party (usually defined as having sustained a permanent injury, or sometimes, medical expenses exceeding a stated amount), you can file suit against the at fault party. If that person has liability insurer, it will defend and, if found liable, indemnify the insured by paying your damages. If the other party had no bodily injury liability insurance and you had uninsured motorist coverage, you can make a claim for your injuries under it. The assessment of the “value” of your injury will be essentially the same either way. If your insured pays uninsured motorist benefits, it gets subrogation rights to recover its payment from the at fault party in the same way as discussed re: property harm. It is very significant that you do nothing to hinder the exercise of those subrogation rights. This would include signing a release in favor of the at fault party. Also, you will have to cooperate with your insured in the pursuit of its subrogation rights, including in ensuing court proceedings.

Do you need auto insurance if you own a house in Florida?

I may not understand you question totally. Auto insurance truly has nothing to do with wielding a house. Your auto insurance is to be purchased in the state where you reside. If you live elsewhere for part of the year you always need to make sure your insurer is aware of the situation and where you are at the time. This doesn’t mean you have to notify the company for a week long vacation. I have had athletes and such who lived part-time in other states which complicates issues for some insurance companies and can effect you and your service. For example some companies operate in one or two states or on a regional basis while others are nationwide. For companies that operate on a limited basis it’s fine unless you have an accident in an area where they don’t have claims adjusters, attorneys to represent you in the event of a suit, etc. The insurance company will always make it work by hiring independent adjusters and such but it always costs them more and may be slower service for you. For utter disclosure, I own and operate a puny Independent Insurance Agency in Georgia and have for the past 22 years. I also worked for a direct writer for the Trio years before that.

What is the cheapest car insurance you have paid?

The cheapest car insurance is call Cheapest car insurance. But cheaper is not always better and when it is going to help you with paying of harm i would spend more money to get better coverage.

Do you need insurance if your house is paid for?

Are funeral services paid for by insurance?

Funeral services can be payed for WITH insurance, but the cost of a funeral is not paid for BY the insurance plan. A funeral is a ‘out of pocket’ expense.

Does an agent need to visit your home to give you a house insurance quote?

the best way to give an accurate hour insurance quote is to visit the home. It is not necessary because all that’s need to give an accurate rate is to get the dimension, the square footage, number of bedrooms and what else is in the home. This does not include individual belongings.

Can insurance premium be raised after it is paid?

Yes, they certainly can. If the insurer finds extra information on your driving record such as undisclosed tickets or accidents and/or other risk factors such as undisclosed drivers or work related risks involved with your policy they can adjust your rates accordingly or even cancel the policy. To avoid cancellation or premium up-rates to your policy it is always best to response all questions truthfully and disclose all pertinent factors to the insurer at policy inception.

Need of insurance?

There may be screenplay’s where the loss that we would incur due to some event would be extensive and we would not be in a position to incur the losses. Say for e.g., the only earning member in the family meets with an accident and is incapacitated from going to work for 6 months, what would the family do for their survival? These are the cases where Insurance comes in handy. The insured person can claim an amount corresponding to his disabilitylosses and use the money to sustain his family until he is fit to resume his jobWho Needs Insurance? Anyone who has people dependent on them undoubtedly needs Insurance. The dependent could be your wifey & children, or your parents or your minor siblings etc. The purpose of having insurance is to ensure that our dependents are able to lead a decent living even if anything unfortunatehappens to us.

Why do you need to report interest paid or earned on life insurance?

Entire life insurance also has an investment component, so money made on the investment is taxed. If you have term insurance, then there is no interest earned, since it is stringently insurance.

Is their interest paid on a house lien?

Generally, yes. Liens generally accrue interest for every day the debt remains unpaid. Generally, yes. Liens generally accrue interest for every day the debt remains unpaid. Generally, yes. Liens generally accrue interest for every day the debt remains unpaid. Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.

I clean houses for my family and freiends houses for very little money. Do I need to be licence bonded and have insurance to do this?

No you do what you got to. But I would have one just to be on the safe side. 🙂

How do you get paid selling life insurance?

The Direct and Corporate Agents who sell life insurance policies on behalf of the Insurance Companies are paid a certain percentage of commission(quantum already lodged before) on the premium amount. In the case of single premium policies, commission is paid once and at a lower rate, whereas in conventional policies the commission is paid on premiums paid on every mode and at a bit higher rate.

What are PAID jobs to do around the house?

Any job around the house will do, as long as your parents agree to pay you for them

Can you liberate your house if you don’t have health insurance and need to go to the hospital?

That depends on how much your bills run, your capability to pay them and how far the provider wants to go in order to collect the money that you owe to him/her.

Do you need car insurance if you paid cash for the car in california?

Congratulations for having the cash to buy your car. Will you also have the cash to pay for the $80,000 car that you hit and total in an accident that is your fault? Do you also have the cash to pay the $400,000 judgement that is awarded to the other party for injuries, lost work pay, and medical expenses. These are not unrealistic figures on losses. This is why you have insurance. It is an exchange of risk for premiums. This lowers your financial risk of loss but of course you have to pay some premium for the insurance company accepting the risk.

How soon does a beneficiary get paid by insurance?

You contact the life insurance company and tell the representative that you want to file a claim. They will want you to provide a death certificate and identification. The death benefit will be paid typically within 60 days. If the insured died within two years of applying for the life insurance policy, the insurance company may investigate and this investigation could lightly take 2-3 years or more. If the insured committed suicide, the insurance company will not pay the death benefit if the suicide occurred during the “suicide period” which is typically the very first two years after the policy initiation. A beneficiary who contributed to the insured’s death will most likely get nothing. A beneficiary who contributed to the insured’s death by accident will most likely receive the benefit, but not always. If the accident occurred while the beneficiary was committing a crime, even if the death was an accident, the claim for the death benefit will likely be denied.

What is the term for an insurance claim that will not be paid?

Well, there is no specific term for rejecting an insurance claim.If the claim is not as per terms and conditions inscribed in thepolicy, there is every possibility of your claim getting rejected.However,if the reasons attract suspicision, you can treatment theInsurance Ombudsman or Consumer Redressal Forum for remedy.

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