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Chester Said:

if you are paying a mortgage and have full insurance coverage on the home does it matter if you live somewhere?

We Answered:

yes. most insurance contracts require the named insured to live in the residence. Better to let your agent know you don't live there, and he can write a different policy for you for the house. All the lender cares about is if they are protected, so they won't give you a hard time.

Call your agent, let them know you don't live in the home, they can write a rental property policy for you. Tell your family members to get a rental policy to cover their stuff in the event of loss.

Tyler Said:

I'm no longer going 2 be able to afford COBRA will Medicaid be considered “creditable coverage” insurance?

We Answered:

At first,you may collect as much information as you can by inputing the relevant keywords in search engine,if you get good luck there ,then your problem is solved.nevertheless,if you could not find the ideal answer for your question by doing that,here

http://www.HealthInsuranceFree.info

is the resource i suggest.

Diane Said:

How does dwelling coverage amount and mortgage loan amount work together?

We Answered:

The amount your home is insured for has nothing to do with the mortgage amount. Home insurance is based on how much it would cost to rebuild that home from the ground up in the event of a total loss. When you purchased your home, you bought the structure and the land. However, the insurance company only bases the amount of insurance on the structure itself. You should not have to pay insurance on the cost of the lot since this will not burn. The other scenario is that the home purchase price is based on the market which as you can now see can fluctuate widely -- for example you can purchase a foreclosure in some areas for about 1/4 of what it would cost to rebuild the structure just because of what is going on in the marketplace. By the same token -- you purchased a home for $242,000 even though the cost to rebuild determined by your agent using a replacement cost analysis is $169,000. It would not be to your benefit to insure yourself for $242,000 as the insurance company will not give you one dime more than what it would cost to rebuild or $169,000.

If there is a total loss of the structure, your bank would work with the insurance company to rebuild so no you would not need to come up with the rest of the mortgage balance unless you decided not to rebuild and decided to walk away. At that point you would have to sell the lot and hope that what the insurance pays (which will be based on the depreciated value) and the proceeds from the sale would be enough to pay off the mortgage. Look at it this way, the agent gains nothing by selling you less insurance since he or she makes less commission so I do not think the agent is being dishonest in the amount of insurance being recommended.

I hope this information helps. Good Luck