Most of the discussions about "mortgage + insurance + disaster" seem to be about ability or inability to keep making monthly mortgage payments if the house gets destroyed.
I have a different question.
If I can continue making monthly payments after the house gets completely destroyed. What happens once the insurance company pays out?
Would the bank want to get their remaining balance from that insurance money right away and close out the loan? Or would I be able to keep the entire insurance payout and use that money to build a new house while still making monthly payments to the bank?
I'm trying to figure out if I would be able to build a new house using insurance money and continue making my mortgage payments or if I would in effect be left with my land and the equity I had in the house and would have to look for a loan to build or buy a new house.
submitted by /u/Aero72
I recently launched It's Your Venue, a booking platform that allows UK customers to find everything to create an event (venues, caterers, staffing agencies, photographers etc.) and book them all on one site. I also offer event planning services and have recently taken on clients in the near future to run and organise birthday parties, corporate events and weddings.
Before I get properly involved, I obviously need to sort out insurance! What insurance do I need and how much would it typically cost?
Thanks in advance
submitted by /u/I_Ask_Questions93
I left for holidays and the day after we left we received a call from our house checker that the basement had flooded.
Fast forward to today. All our floors/carpets/trim/doorways are ruined. Our drywall needs replacing, as does our hot water tank, furnace, washer and dryer.
My basement contained a BUNCH of my expensive electronics (game consoles and peripherals, audio equipment, my gaming PC) and a bunch of furniture.
Tomorrow we are going through what needs replacing. Some of the electronics were elevated above ground BUT their power cords were sitting soaking in the wall.
How should I determine what does and doesn't need replacing?! What if an item works for like a week then gives up?
Need advice/tips from anyone who has dealt with this!
submitted by /u/Duckerington
I just wanted to say thanks to you guys. I interviewed with Farmer's about a week ago, took your advice, and nailed it. I got my job offer this week for a claims adjuster trainee position. I appreciate the advice!
submitted by /u/CoolBreeze549
I bought a car recently and had it shipped to my home and the trucker damaged it during transport. They are accepting fault, but want to handle it without filing a claim with their insurance. Should I be concerned or is this normal?
submitted by /u/Foulwinde
I was on my previous employers health insurance through cobra temporarily while looking for new employment. I found new employment and wrongfully assumed I'd have coverage on the first day. They told me on accident there was a 60 day waiting period which then became a 90 day waiting period. There was a two month gap in between when I had cobra and starting my new job and I've been employed here for almost a month and I'm starting to develop anxiety since I don't have coverage. To my understanding I'm no longer eligible for Cobra or for marketplace coverage. What if any insurance can I get?
TLDR: No longer eligible for COBRA or Marketplace health insurance are there other options?
submitted by /u/FatherJeb
I got the depo shot yesterday from Planned Parenthood. They hadn’t processed my insurance by the time I went, so they told me to pay my co-pay and they’ll bill my insurance for the rest, but if my insurance didn’t pay, I’d be stuck with the bill.
I called my insurance company and checked their website after I left and they said that the PP I went to was in their network and I won’t have to pay anything else since my insurance covers the depo shot.
However, when I went to fill out a form on PP’s portal, it said my insurance would not cover everything and I’d have to pay more. I was confused so I called PP and they said that my insurance is out of my network.
As of now, I’m just going to wait for the EOB, but I was wondering if anyone had experience with this? I would think that the insurance is the one with final say since they’re the ones paying, but I have no idea and I’m slightly freaking out because it’s upwards of $200 without in-network care and that’s a lot as a college student with no job.
Thanks in advance everyone!
submitted by /u/Dogmama1230
Earlier this year, I was rear ended and suffered from neck pain and numbness in the limbs for about a month. I had a body injury claim opened against the other driver's auto insurance. I saw a couple specialists and got PT treatments. After a month of treatments I believe I am recovered. All the medical bills were paid by my health insurance except for the co-pays (all together was like ~$250)
I believe in most cases people will go through the body injury claim to get reimbursement. Not sure if I am thinking too much but I was just wondering if there is drawback of doing that. For example, will that claim affect how/what my health insurance covers my neck pain in the future as they might since it's related to the car accident?
Thanks for your input.
submitted by /u/dk3nck
Is it ever possible for the homeowner to set the replacement cost value of the home? I currently have two homes and I don’t at all agree with the replacement cost my insurance company keeps computing on both houses. These are high value homes but I feel they are trying to over insure me. My premiums for all insurance (2 homes, 3 cars, and 3M umbrella) for the next year will be $19,500. This is all from one company.
My first home is in a high brush fire area, but within 5 miles to the nearest fire station. The house has a central station fire alarm and indoor sprinklers. The replacement cost should be no more than 1.5 million. The insurance company computes it at 2.05 million. They told me 2M last year and I fought it. They sent out an appraiser and reduced it to 1.8M. I told the appraiser that came out that my neighbors brand new home was purchased for 1.8M and it’s similar size and same quality. He gave me a BS line about how the purchase price of a home is not relevant to the replacement cost. I get that for a resold home, but not a new build spec house. Builders don’t build new homes to sell at a loss(house was even sold before it was finished). This year with my renewal it’s back up over 2M.
Second home is old (60s) but big. Most of it is original and is very out dated. I’m going to be renovating it starting in probably 6 months or so. If it was to burn down tonight I would never rebuild it as big as it is today. It’s in a city, has a hydrant in the front yard and you can almost see the fire station from the house. Initially I told insurance that I wanted it insured for 2M (purchase price), but later tried to say 1M (the land is really the value of the property at this point, which is 1.6-1.8M). They did it at 2M and then sent out an appraiser who increased it to 3M for rebuild and 1.5M for contents. The home is completely empty. There are no contents but they require content coverage to be a percentage of replacement. This home alone is now 9k a year for the premium.
So do any companies allow the owner to set the max payout on a policy? I don’t care if the rebuild costs would be more as I would simply not allow the rebuild cost to be more (if necessary by reducing size, features, etc.). I’m having a hard time finding a new carrier because of the high fire risk on the first house. I’m also not happy with my broker and probably need to find a new one.
submitted by /u/J000001