If you pay for your home insurance yourself when there is fire damage will the check be yours or the mortgage?

Question

If you pay for your home insurance yourself when there is fire damage will the check be yours or the mortgage?

Answer 1

the check will beyours, as the responsibility is, no doubt about it.

Answer 2

Even if you pay the insurance yourself rather than escrowing the policy still indicates who the mortgage belongs to  (this is added to the poicy when it is initially taken out prior to closing on a purchase or refinance).  As long as there is a mortgage on the property in case of fire and the home is destroyed to money would first be used to pay off the mortgage and then what ever is left you as the owner would receive.  Or if there was not enough insurance you would have to pay the remaining amount to the lender for the mortgage.

Answer 3

the mortgage technically owns your house so they are included in claims checks

Answer 4

Probably a joint check.  Makes no difference if the premiums are paid via your check or your lender's impound account- its still your money paying them.

Answer 5

If there is damage to the structure, over $5,000, the mortgagee MUST be listed as a payee on the check.  The check goes to you, but will list you and the mortgage company directly, regardless of who pays the premium.

That's what the mortgagee endorsement does.

Alternatively, you can have the adjuster make out the repair check to the contractor.