can i sell my house and keep the insurance money if i pay off all loans
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UPDATED: Jun 13, 2013
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Insurance Question from Oklahoma City, OK
Asked on 06/13/2013
can i sell my house and keep the insurance money if i pay off all loans My house was damaged in a wind storm. A person will buy my house as is. I will pay off my mortgage from the sell money. Can I keep the insurance money with out fixing the house? I am building or buying A new house.
Answer given on June 17, 2013
If you are selling your home that currently has damage you may keep the insurance money for the repairs if your insurance company will make the check payable to you. However, usually they will make the check to your contractor or to you and your mortgage company. You will need to make sure you can work out the settlement if the check is made to either of these entities.You also need to be sure that the buyer will sign a form stating they under stand the home is damaged. This will protect you after the sale. They may think they will be able to claim damage to their insurance company after they buy the home, but that won’t happen since a claim has already been settled for this damage to your home.If you can work out all of the issues, you can keep the money from the settlement.
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