12-28-2023, 02:42 AM
(12-27-2023, 08:59 PM)leilanidude Wrote:(12-27-2023, 07:45 PM)Rob Tucker Wrote: Well, my lender has billed us for insurance on our mortgage starting in Feb. $3,700 on a value of $497k. Ce la vie.Does that man a total loss has $497k payout or that your mortgage balance is $497k? Also, if that includes lava and hurricane, it doesn't sound that outrageous?
Standard Guaranty Insurance Company.
Yeah the Devil is in the details. A "standard" homeowners policy covers the bank's interest, plus remediation (hauling away the remains of a burned building, hazmat fees, or whatever), rebuilding (which means at new building codes, so probably more than one would think), replacement of other damaged personal property, and usually stuff like hotel/laundry/etc expenses in the interim, which all combined can easily be double, triple, or more than the perceived value of the structure.
Disclaimer, I'm not an insurance guy, just going off stuff I remember from people who have been through things like having their homes burned down.