ST Alpha - "Home insurance question: If your neighborhood is burning and you're upside down on your mortgage, would it benefit you to set fire to your house?" (Reading a Post)

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Home insurance question: If your neighborhood is burning and you're upside down on your mortgage, would it benefit you to set fire to your house?

Posted by CrankYanker Nov 15 '08, 15:15

Is the insurance paid based on the last appraisal? I'm sure the fire dept would determine it to be arson, but that wouldn't stop some people from trying.

Responses:

1st they pay your actual cash value at the time of the fire - if you rebuild - they pay replacement value - Epiphany Nov 15, 16:32
I think good policies are based on replacement cost, but I don't know how that interacts with your mortgage. -- nm - MojaveMeg Nov 15, 15:25
Well, I think the question here is simply: What is a house's insured value? - Mop Nov 15, 15:19
depends how it's ultimately valued for insurance purposes i suppose -- nm - pretty awesome pigby Nov 15, 15:18

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Home insurance question: If your neighborhood is burning and you're upside down on your mortgage, would it benefit you to set fire to your house?

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