Who ownes the 2 insurance policies on home purchased thru land contract?

Question

2 insurance policies were purchased on a home that burned down. the home was being sold under a land contract. the buyer was (unknowingly) paying for both the insurance policies. the seller now wants the payout from both policies. is he entitled to the money from both policies and should he be paid the remaining balance on a house that has now been totaled by fire?

Answer 1

The buyer would get all the money, of course the seller needs to be paid off of the remaining note if the buyer choses not to rebuild the house. , but if the buyer chose to rebuild then the seller wouldn't have any claim to the insurance money. Please note: that it would be illegal to file two seperate claims ,unless one was just  a booster policy, meaning it covered what the other did'nt

Answer 2

The seller will NOT get the buyout on 2 policies, if anything, they will share in a percentage of the loss. And it depends on who's name the policies were written, the payout will go to the NAMED INSURED on the policy.

Cannot double dip, even if there were 2 policies written.