Home owners insurance - Home Sweet Home

Heather · 05-05-2009, 05:14 PM

John didn't know homeowners insurance doesn't cover your mortgage if you lose your house (to fire, weather or what have you) It solely covers the cost to rebuild and replace all your stuff inside.

Who else didn't know that?

I figured it would have been common knowledge. The land is ours. Not much can destroy the yard. It'll be there after a fire or a tornado.

mossey2000 · 05-05-2009, 05:17 PM

I think you can get content coverage.

Heather · 05-05-2009, 05:21 PM

He was thinking if something should happen to the house we would get insurance money in the amount of our mortgage. he didn't know they only insure the house and the contents.

*Kate* · 05-05-2009, 05:23 PM

Maybe it is how you have it set up. My homeowners insurance covered what I owed on my mortgage.

Heather · 05-05-2009, 05:32 PM

I called USAA to set it up when we bought the house and she said thats how they do it. She said all home owners insurance only covers the value of the house and the estimated value of your stuff in it. It won't cover the total of our mortgage. She explained the land is ours and has a separate value from the house. Land isn't covered by home owners insurance. So if something were to happen and the house was a total loss we would only get a set amount to rebuild the house and replace our stuff. not enough insurance money to pay off the mortgage and walk away.

I believe its mortgage insurance that will cover the total of your mortgage for whatever reason. I know nothing about it other than we keep getting crap telling us we need to sign up for it.

05-05-2009, 05:14 PM	#1 (permalink)
Heather Senior Member Join Date: Dec 2005 Location: My little house on the prairie Posts: 18,581 Classifieds: (1) Activity: 39% Longevity: 66%	Home owners insurance John didn't know homeowners insurance doesn't cover your mortgage if you lose your house (to fire, weather or what have you) It solely covers the cost to rebuild and replace all your stuff inside. Who else didn't know that? I figured it would have been common knowledge. The land is ours. Not much can destroy the yard. It'll be there after a fire or a tornado.

05-05-2009, 05:17 PM	#2 (permalink)
mossey2000 I'm from the south and sometimes I have a big mouth Join Date: Nov 2005 Location: Gulfport Posts: 9,687 Classifieds: (1) Activity: 39% Longevity: 67%	I think you can get content coverage. __________________ Heather Mom to Ethan and Elijah Proud Seabee Wife! I can describe life in three words: It goes on. Robert Frost.

05-05-2009, 05:23 PM	#4 (permalink)
Kate Lounging with ocean breezes and palm trees Join Date: Mar 2007 Location: Hawaii Posts: 13,091 Classifieds: (1) Activity: 24% Longevity: 45%	Maybe it is how you have it set up. My homeowners insurance covered what I owed on my mortgage. __________________ Needs work.

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05-05-2009, 05:21 PM	#3 (permalink)
Heather Senior Member Join Date: Dec 2005 Location: My little house on the prairie Posts: 18,581 Classifieds: (1) Activity: 39% Longevity: 66%	He was thinking if something should happen to the house we would get insurance money in the amount of our mortgage. he didn't know they only insure the house and the contents.

05-05-2009, 05:32 PM	#5 (permalink)
Heather Senior Member Join Date: Dec 2005 Location: My little house on the prairie Posts: 18,581 Classifieds: (1) Activity: 39% Longevity: 66%	I called USAA to set it up when we bought the house and she said thats how they do it. She said all home owners insurance only covers the value of the house and the estimated value of your stuff in it. It won't cover the total of our mortgage. She explained the land is ours and has a separate value from the house. Land isn't covered by home owners insurance. So if something were to happen and the house was a total loss we would only get a set amount to rebuild the house and replace our stuff. not enough insurance money to pay off the mortgage and walk away. I believe its mortgage insurance that will cover the total of your mortgage for whatever reason. I know nothing about it other than we keep getting crap telling us we need to sign up for it.