What are the legal obligations of home insurance to mortgage company?
If a house burns, can the owner collect the insurance money and not fix the house despite the fact that there is mortgage owed? Can the owner abandon the house and leave with the fire insurance money?
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Answer by acermill
Proceeds from any insurance settlement MUST be used to either repair the house OR to pay off the mortgage balance owed. As well, you cannot simply 'abandon' the house. You will be reqnuired to properly demolish what remains and return the lot to usable and safe conditions. If there are adequate proceeds from the insurer, you can avoid repairing the house, should you choose to do so.
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Governor Signs the Autistic Insurance Bill
Image by Office of Governor Patrick
Tuesday, August 3, 2010 -- Governor Patrick signs the Autistic Insurance Bill, an act relative to insurance coverage for autism.
(Photo credit: Matt Bennett/Governor's Office)
Orignal From: What are the legal obligations of home insurance to mortgage company? and Governor Signs the Autistic Insurance Bill
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