If my house gets destroyed by a hurricane and I have a mortgage, would the bank want to close out the loan immediately after the insurance company pays out?

Puffy Lux
Better water better life

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.

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Can I claim on my neighbours insurance as he destroyed my house?

Puffy Lux
Better water better life

On the 15th of July my neighbours house went up in flames and destroyed our house in the progress.

LA Series

Because of structure and safty reasons it took us 6 weeks to finally get into our destroyed house. Only to find out people had broken in and stolen some our belongings.

Our insurance will not cover all of the damage the water, fire and smoke damage has done to our belongings.

Is it possible to make a claim on our neighbours insurance as it was his fire that destroyed our items?

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Insuring a fence and how to insure a house that is now worth more than when originally purchased.

Puffy Lux
Better water better life

Two questions for the experts out there.

GlacialPure Refrigerator Water Filter for Whirlpool Filter 1 EDR1RXD1 W10295370 2 Packs

Is it possible to insure a fence against a tree falling onto it?

My wife and I have made significant improvements to our home since it was purchased. We bought around 150k and spent about 50k on major improvements and renovations. Our home was originally insured for replacement value at the purchase price. We haven't had an appraisal done or anything, but I was told by my broker that it doesn't really work that way to also increase the coverage amount for the new potential value.

What's the best way to proceed? Get an appraisal and then get the increase in coverage? Or am I missing something ( the broker convo really confused me unfortunately)

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UPDATE House Fire/ conflict of interest

Puffy Lux
Better water better life

Update from last week's post here.

LA Series

So, the next day I finally head from my adjuster, who I now wonder if he comes around these parts or if my paranoia is at an all-time high.

He says that the subrogation file appears closed (I'm going to try to confirm this) and that their investigator's report says that the cause was inconclusive. Something of ours overheated, but it's not clear what or why. My personal guess would be because the place was old and poorly maintained, had serious electric issues ~3 months before the place burned down, and were solved (in two tries) by a less-than-professional person the landlord hired. Landlord also in a recent conversation let it slip that they need to bring the place up to code, which would suggest that it wasn't up to code previously. So, in spite of all of this, the fire is still no one's liability and if my insurance company can't get reimbursed by the landlord's liability coverage, it's unlikely I will.

So, I'm probably just going to go ahead and accept/ deposit my security deposit even though the landlord will send it along with a letter that states that by doing so, I'll be releasing them of liability and promise not to sue etc. I will check with r/legaladvice first, but I do want to see the actual language of the letter before I post there.

I am still waiting on the landlord to send me a copy of my original lease, as I've requested a half dozen times now. My adjuster says he doesn't have it, so the landlord was confused or lying when they said they'd given it to my guy (probably gave it to theirs).

So here we are. We're lucky that we had renter's insurance and we're not SO underinsured that it'll ruin us. We both have good jobs etc, so it's not as a bad situation as it could be. But it stinks for sure and the insult to injury of the being coerced into giving up a legal right in exchange for, well, basically something we're legally entitled to, just extra stinks.

submitted by /u/CatherineAm
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Own a house. Dishwasher drain pipe broke. I found out 2 days later with a water problem. What should I expect / prepare for with regards to insurance?

Better water better life
Puffy Lux

As the title says — I'm a homeowner. I installed the dishwasher in 2014, according to GE directions. The dishwasher had a couple problems from the start and GE came out to fix it. No problems for 5 years. I had a slow drain in the kitchen sink that I was working on and had some water coming out of the ceiling in the finished basement. I thought it was just sloppy work I was doing in clearing the slow drain.

Roses

The next day the ceiling was drying, the sink was flowing, all was right in the world. However, on the third day, I saw the bamboo flooring on the other side of the wall from the dishwasher cupping. I pulled the dishwasher and found that it was a serious water event.

I started an insurance claim and the mitigation company they suggested just left today. I have several areas of flooring damaged and pulled up that cannot be matched. I have one side of the kitchen cabinet bases that have taken on water and are swelled at the bottom. The drywall behind the cabinets has water damage. This is on a ~12' side of the kitchen with a marble top and sink.

Also, the basement has carpet padding removed, the carpet remains, but I don't know if it's viable. Several sections of the basement ceiling have been removed, along with the insulation in the ceiling. One 12' section of drywall has been removed, along with the insulation in the wall.

I've got a contractor coming tomorrow and the appraiser for the insurance company coming on Wednesday.

What should I expect (both good and bad)? What questions should I be asking? What should I prepare for? Thanks for any helps!

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Tech That Protects Your House While You’re Away

Better water better life
Puffy Lux

When you think of a “smart home,” you might be thinking of all the bells and whistles that make your world more convenient: a sound system that skips the song that reminds you of your ex. Or a refrigerator that tells you when you’re low on sparkling water (disaster averted!).

Roses

But the best thing about smart home features is when they help keep you and your home safe. Check out the newest technology that’ll protect your house while you’re away.

Security system

Today’s technologically advanced security systems do more than blare noise and flash lights. They can also alert you via your smartphone if a window or door is opened or when a motion detector senses movement. Paired with video systems, you can get a peek at what’s going on so you can determine if it warrants a call to the police.

Even better is paying for continuous monitoring, which is important for peace of mind — and a potential discount on your homeowners insurance. Many systems even offer on-demand services for when you’re on vacation.

Security cameras

Smart cameras alone can go a long way in safeguarding your home. They allow you to check out what’s going on through your home wifi when the motion or sound sensors are triggered. A smart add-on is an outdoor camera that uses motion sensors to make sure no one is creeping around your backyard. Some’ll even trigger floodlights. Plus, there’s the added bonus of checking on a pet while you’re away.

Smart locks

These keyless locks aren’t just there to save the day if — nay, when  you forget your key. They also add a vital layer of security to protect your house while you’re away by alerting you if someone is trying to enter. Maybe it’s just the next-door teen there to water the plants while you’re on vacation. You’ll know, because of the specific access code that allows her — and only her — to access it. Then, simply change the key code when you come back.

Video doorbells

Rumor has it that millennials have “killed the doorbell.” After all, who in their right mind doesn’t just text “I’m here?” But if someone did come to your door while you were gone, wouldn’t you be curious who it was? With a video doorbell, you get a notification whenever anyone rings. It could just be a local kid selling raffle tickets. Or a troublemaker posing as a service person to determine if you’re around — and case the place if you aren’t.

Water sensors

Smart technology doesn’t only thwart would-be intruders — it can also prevent things in the house from wreaking havoc. One of the costliest homeowners claims results from burst pipes. Many a homeowner has come back from a relaxing vacation to find their belongings floating from a faucet that leaked for a week. But smart water sensors can help. One type offers a leak alert so you can ask a trusted neighbor to see what’s going on. Another even has a smart water shut-off valve, which doesn’t just tell you there’s a problem — it actually stops the damage. This type of smart tech can also save your bacon if you’re one of those homeowners who starts the washer as you leave (a total no-no for this very reason).

You know what could really help you feel secure and protected? Getting homeowners insurance to protect your home and its belongings. Find out how Esurance is making insurance surprisingly painless.

Smart technology | Smart home

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about Cathie

Cathie Ericson writes about personal finance, real estate, health, lifestyle, and business topics. When she’s not writing she loves to read, hike, and run. Find her @CathieEricson.

House fire/ Insurance conflict of interest?

Better water better life
Puffy Lux

Hi all. Long story short: I (tenant) suffered a major electrical fire in my unit some months ago. The landlord and I happen to have the same insurance company and this appears to have become a problem (although I know it's not supposed to).

LA Series

Anyway, fire marshal said it was an accidental electrical fire, the insurance company sent their own investigator out as I'm sure there's more to the story than that (for context: I took a video of our apartment and contents just 4 months earlier, as I was convinced the place was going to burn down then. Landlord did fix the issue…. but perhaps not with a licensed electrician. I don't know. That's part of the problem).

The adjuster assigned to me took 10 business days to return my call, never came to the property and refuses to answer simple questions such as "is there a deadline on XYZ paperwork". I've been working with his supervisor and I've gotten my full claim as it was an easily apparent total loss (supervisor sent a contractor out). The adjuster the landlord was assigned went to the property on Day One, and had actually been assigned to me too, and reassigned me to the person who refuses to talk to me.

Oh, and they cleared the apartment when the investigation was closed but didn't tell me. They told the landlord though, and I found the landlord's contractors in the building, having clearly been in my unit (without my permission) and all doors, including my ground floor unit's wide open to the street. Landlord was able to start making renovation plans before I got a chance to look for my wedding rings! Which they left open to the world.

Landlord is NOW pulling some nonsense about returning my security deposit (as they're legally required to do) but they'll send it along with a letter that states that by cashing the check, I'm releasing the landlord, their company etc of all liability. This is not legal in my state and I am also not stupid. I am also starting to think that I was assigned the person who refuses to work on my behalf as a way of buying time for the landlord/ wearing me down so that I release liability. I know it sounds crazy but this is almost the only explanation I can come up with for MONTHS of being pretty seriously ignored, while the landlord is getting the red carpet treatment *and* some advice from somewhere on how to best screw me over.

I consulted an attorney who wants to see my original lease and the fire investigator's report. I do not have my original lease, as it burned up along with everything I've ever owned. My landlord submitted a copy of my lease to MY adjuster, and I requested that 5 weeks ago. Nothing. I've asked for the fire report about 20 times now, for MONTHS, and still nothing.

What is happening here? I am really at a total loss on how to proceed. I can hire the attorney I consulted, but that will cost basically all of my security deposit. I do not WANT to sue the landlord or the insurance company, but if I spend my security deposit just to get answers, I will feel like I've got little choice at that point. What should I do? I have not been abusive, or call too much, I'm nice on the phone, although I have been a bit shorter and to the point recently (which I think is understandable).

All I want is to know whether or not I may have a claim against the landlord's liability to cover the gap in my insurance and the loss. I just want to know if I have a chance to be made whole. The lease and fire report are critical to gaining that knowledge and my insurance company is withholding those from me, while simultaneously bending over backwards to do everything they can for the landlord. Help?

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What happens if my tenant burns down his house?

Better water better life
Puffy Lux

We own a property in northern BC. Our tenant (who we inherited from previous owners) smokes inside their house. They also drink quite a bit, to the point of passing out.

Puffy Lux

The other day they started cooking and passed out and my husband noticed smoke billowing out of his house and went down and woke him up. The smoke alarm did not wake him.

What happens if they pass out while smoking and burn our rental property down? Does our insurance still cover that? How do we protect ourselves and our property?

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Best Friends House Fire

Better water better life
Puffy Lux

Tonight, I recieved a call from my best friend. She smokes cigarettes and told me that she has a bucket she puts her cigarette butts in. Apparently, the bucket caught on fire. There was a propane tank nearby and it caused an explosion. There is pretty extensive damage to the home. Living room, kitchen, dining room. I am certain a lot of smoke and water damage from the pictures (for her privacy I do not want to post them). My friend is devastated and distraught. I have some insurance experience and I am able to provide her some information. I assume this claim would be put under some kind of investigation due to the cause of loss. How does this affect rates? Is it hard to secure homeowners insurance after a loss such as this, due to it being an accident at the fault of the homeowners? Is it even covered? Any advice is appreciated.

LA Series

***Edited due to typos.

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House was struck by lightning, resulting in a bunch of fried electronics.

Puffy Lux
Better water better life

Hi there, I’m wondering whether I can get some clarity on our situation. I am currently out of the country for 6 weeks, and my husband is also out of town working. A couple of weeks ago, there was a huge storm in our area, and fire trucks were called as a neighbor thought their house was struck by lightning, etc. We were all gone and learned about this from my neighbor. My husband returned home yesterday, and from what he has told me, a bunch of stuff is fried, and several outlets aren’t working. Obviously we aren’t experts, so we don’t know the extent of the damage, but this is obviously an insurance situation. I know that our dryer is done, as well as the tv, my work computer, cable box, wifi modem, garage door opener, as well as some other things. How does insurance work in these cases? Do people generally receive the total to replace these items? Or is it like, this iMac is older so you get a couple of hundred bucks. I’m worried about how to replace things if that’s the case. Thanks for any advice!

Roses

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