Homeowners Association and Loss Payee

[hodsonjl]

What is the name of your state (only U.S. law)? Kansas

I have a Townhouse (almost paid off), the Mortgage compnay is listed on my Insurance as a loss payee. Now the Homes Association wants to be listed as a Loss payee. Where am I in the insurance loop as it would relate to payment if something were to happen to my townhouse?

 

[Banned_Princess]

What is the name of your state (only U.S. law)? Kansas

I have a Townhouse (almost paid off), the Mortgage compnay is listed on my Insurance as a loss payee. Now the Homes Association wants to be listed as a Loss payee. Where am I in the insurance loop as it would relate to payment if something were to happen to my townhouse?

Ask the ho association if they will accept "additionally insured"

 

[HomeGuru]

Ask the ho association if they will accept "additionally insured"

**A: where can I find this ho association and is the board President a pimp?

 

[hodsonjl]

Clarify information

Thanks for the replies, but no information was really helpful. So let me ask it this way.

If the board of directors of the Homes Association, through it's powers that were established in 1965, took members to court to have members add the HOA as Loss Payee and won, then...

If something should happen to my townhouse and I filed my insurance claim, how would the proceeds be paid?

I know the bank would want thier share to pay off the remaining balance of the loan. But the remainder of the monies from the insurance company would be controlled by whom? The HOA or the owner of the policy (me)?

 

[HomeGuru]

Thanks for the replies, but no information was really helpful. So let me ask it this way.

If the board of directors of the Homes Association, through it's powers that were established in 1965, took members to court to have members add the HOA as Loss Payee and won, then...

If something should happen to my townhouse and I filed my insurance claim, how would the proceeds be paid?

I know the bank would want thier share to pay off the remaining balance of the loan. But the remainder of the monies from the insurance company would be controlled by whom? The HOA or the owner of the policy (me)?

**A: you are getting way ahead of yourself here. It appears your idea of "something happening to your townhouse" means the entire place burns down, or is entirely destroyed.

 

[Banned_Princess]

Thanks for the replies, but no information was really helpful. So let me ask it this way.

If the board of directors of the Homes Association, through it's powers that were established in 1965, took members to court to have members add the HOA as Loss Payee and won, then...

If something should happen to my townhouse and I filed my insurance claim, how would the proceeds be paid?

I know the bank would want thier share to pay off the remaining balance of the loan.***** But the remainder of the monies from the insurance company would be controlled by whom? The HOA or the owner of the policy (me)?

thats not true. the bank will be happy to let you fix the house with the moneys so you can continue to live there and pay the mortgage. they do not all of the time want a payout, like cars that are totaled, they would rather you keep paying the mortgage on it as well as their hefty interest.

Bank should be rightfully listed as loss payee, which means the check comes in the bank, and your name to fix your and the banks property.you send them the check to endorse and you endorse it then you fix he house.

now if you didn't want to fix the house and want to walk away THEN the payment (if it is adequate) goes to the bank to pay it off.

Additionally insured means, if the homeowners association's property is damaged by your -lets say fire- they are additionally insured, and will get a check in their name for the damage.