i went on disability 100 % should my home owners insurance pay off the remaining balance i owe on my house
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UPDATED: Feb 8, 2016
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Insurance Question from Coalton, OK
Asked on 02/08/2016
i went on disability 100 % should my home owners insurance pay off the remaining balance i owe on my house NULL
Answer given on February 08, 2016
Homeowner insurance is set up to provide for the repair and/or replacement of the home if damaged by a direct loss. It also covers personal property in the home, loss of use or additional living expenses incurred because of a covered loss and liability protection. Direct loss would be a fire, tornado, lightning, a vehicle striking your home or a similar loss. It would usually exclude earthquake and flood.The fact that you are on disability has no effect on the homeowner insurance. It does not pay of a mortgage for that situation. You would need a disability insurance policy that is set up to pay off your mortgage if you become disabled.
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